At the International Conference “HI-TECH Turkmenistan 2024,” Swedish IT company CMA has signed an agreement with local firm Abraýly Işler to develop a national fast payment system.

“We have already implemented similar projects in more than 50 countries, and we hope to share our experience with Turkmenistan in creating this important system,” Maxim Nescheret, CMA’s Regional Director, emphasized the importance of this partnership.

Established in 1983, CMA focuses on software solutions for financial markets and provides services to more than 37 central banks and numerous commercial banks worldwide. The company’s technology platform is renowned for its high performance, scalability, and security, tailored to meet specific client needs.

In addition to the fast payment system, CMA is exploring opportunities to collaborate with Turkmenistan’s stock market on developing essential services, including a central depository and settlement center. This move aims to attract external investments and enhance cooperation with foreign investors.

Turkmenistan is actively modernizing its banking sector and digital payment systems. Recent efforts include the introduction of contactless payment systems and mobile applications to streamline transactions. 

However, challenges persist, including the need for robust infrastructure to support fast and contactless payments. Despite advancements, such as Halkbank’s mobile apps and terminals for contactless transactions, usage remains limited, and issues like bank failures and technical problems continue to affect users.