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The Azerbaijani experience: how can a startup get a fintech license from the Central Bank

Epoch, the leader in the field of online payments in Azerbaijan, has become the owner of a fintech license provided by the Central Bank The Republic of Azerbaijan. Thanks to this, the company confirmed that the quality of its services meets strict safety and reliability standards and won the title of the first startup in the country to become the owner of such a license.

Epoch is a resident of the Technopark of the Agency for Innovation and Digital Development (IDDA), which functions under The Ministry of Digital Development and Transport of Azerbaijan. The main objectives of IDDA are to support the digitalization process, as well as to build and strengthen an innovative ecosystem in Azerbaijan, including support for local startups, as well as attracting foreign companies to Azerbaijan.

The main objectives of Epoint are the development of e -commerce and payment services, optimization of business processes for small and medium -sized businesses, as well as ensuring the convenience of transactions for both local and international customers.

The following services are currently available on the Epoint platform :

· free and automatic creation of business card sites with a payment module,

· digital integration of the platform with its own website or mobile application,

· the ability to make regular and round-the-clock payments with both local and foreign bank cards,

· Electronic notifications for sellers and buyers,

· unified payment system by debit or credit card, installment card, as well as tokens in Google Pay and Apple Pay,

· access to the entire functionality of the platform through a new mobile application.

At the moment, the activity of Epoch extends not only to Azerbaijan, the company provides its services in Ukraine as well. The platform interface is available in English, Russian and Azerbaijani languages.

It is worth mentioning that last year the startup attracted $100,000 in investments from the acceleration program regularly conducted in Georgia by one of the most influential venture capital companies in the world - 500 Global.

Epoch has been a resident of the Technopark of the Agency for Innovation and Digital Development since May this year. With the support of the Agency, the company has already participated in a number of international events, and will also take part in the GITEX ENS summit, which will be held in Dubai in October 2024.