Turkic states to expand competition cooperation into fintech, payment systems

Competition authorities from member states of the Organization of Turkic States (OTS) will begin cooperating in the fields of financial technology and payment systems as part of efforts to deepen economic integration and regulatory coordination across the region.

The announcement was made by OTS Deputy Secretary-General Merey Mukazhan on the sidelines of the 3rd Meeting of Heads of Competition Authorities of OTS Member States and the Competition Forum held in Shusha, Caliber.Az reports via local media. 

According to Mukazhan, the organisation’s working groups are expanding their focus to include new priority sectors. He noted that a working group on agriculture completed its mandate last year and delivered the necessary policy documents.

The next phase of cooperation will centre on fintech and payment systems, which Mukazhan described as one of the most important areas of current economic development. The findings and recommendations from the initiative are expected to be presented next year in Kazakhstan.

Mukazhan also highlighted the potential value of Türkiye’s experience in competition policy for other OTS member states. He noted that many countries within the organisation have relatively young competition frameworks and are at different stages of institutional development.

“Türkiye has broader experience in this area, which is of interest to Azerbaijan and the Central Asian states,” he said, adding that the issue was discussed extensively during the meeting.

By Sabina Mammadli