Interviewer: Hello, Aytaj xanim. Thank you for taking the time to speak with us today. We know that PASHA Holding is a large company with many subsidiaries and a considerable impact on society. In this interview, we’d like to talk about that impact.
Aytaj Muxtarzade: Good morning, thank you for having me! Making a positive impact and contributing to a better, safer society and world is at the core of our strategic priorities. Making impact is deeply interconnected with our purpose, and we see ourselves as a responsible corporate citizen, striving to make a meaningful difference wherever possible. We create value for society in which we operate in multiple ways, focusing on key areas such as the provision of best-in-class customer service, economic development, employee welfare, sustainability, social well-being, and fostering innovation. These areas are not just separate initiatives; they are part of a comprehensive strategy aimed at long-term impact. We firmly believe that businesses play a crucial role in shaping the future, and we take this responsibility seriously.
Interviewer: Let’s talk about one of the most significant events in our country last year - the COP29 conference - and the topic of sustainability. Many would be interested in hearing about PASHA Holding’s contribution in this area. What specific steps have you taken?
Aytaj Mukhtarzade: At PASHA Holding, while we have been committed to this topic long before it was announced that Baku would host COP29 in November 2024, we have intensified our efforts to align with international sustainability standards. Over the past year, we have launched and expanded various projects that aim to reduce environmental impact, promote renewable energy use, and integrate sustainable practices into our operations. From supporting green finance initiatives to implementing eco-friendly solutions, we are actively working towards a more sustainable future. Additionally, we are engaged in partnerships that encourage responsible business practices across industries, ensuring that our approach to sustainability is both proactive and impactful. Our banks will play a crucial role in supporting the country-level climate finance targets committed to during COP. Similarly, all our financial and non-financial assets are aligning and will continue to align their business strategies and reputational goals with climate-related priorities going forward.
Interviewer: So how exactly was PASHA Holding represented during the conference?
Aytaj Mukhtarzade: Coming to COP29, as an
Impact Partner, PASHA Holding actively engaged in meaningful
discussions, collaborated with global stakeholders, and shared its
vision for a sustainable future. The holding’s presence featured a
tailored booth in the Green Zone and several thought-provoking
sessions led by its subsidiaries, including PASHA Bank, Kapital
Bank, PASHA Insurance, PASHA Life, AgroDairy, and PASHA Real
Estate. These sessions addressed critical issues such as climate
finance, sustainable agriculture, and private sector leadership in
fostering inclusive green transitions.
Through its participation, PASHA Holding seized the opportunity to
exchange ideas, build relationships with regional and global peers,
and gain insights from diverse approaches to tackling climate
challenges. Engaging with stakeholders from governments,
international organizations, and the private sector, the company
enhanced its ability to drive sustainable development initiatives
in Azerbaijan and beyond. Key elements of PASHA Holding’s
sustainability strategy include minimizing its operational
environmental impact, investing in decarbonization and energy
transition projects, and promoting technological innovation to
address climate change. Moving forward, the group plans to conduct
comprehensive diagnostics and gap analyses across its subsidiaries
to set specific carbon reduction goals and support customers in
their transition journeys.
Interviewer: That was very interesting to learn, thank you! However, I would now like to touch upon another equally important topic - the economy of the country. Could you please share with us what the major highlights of 2024 were?
Aytaj Mukhtarzade: This is indeed a very important topic for us. In 2024, PASHA Holding paid 443 million AZN in taxes. We hope to continue to be one of the largest tax contributors in the country in the coming years. However, we strive to go beyond that. In 2023, our company provided financial support to the Small and Medium Business Development Agency, the Azerbaijan Insurers Association, and other institutions to foster the growth of SMEs and the insurance sector in the country. For example, since April 2023, with the sponsorship of PASHA Holding and the initiative of the Small and Medium Business Development Agency and the Ministry of Labor and Social Protection of the Population, the “Qarabağ KOB-ları” (“Karabakh SMEs”) program has been implemented. Within this program, nearly 70 SME entities in 2024 have been established and equipped with the necessary resources to improve the social welfare and employment opportunities of the families of heroes who died in the war, veterans, and war participants.
In addition, it’s worth mentioning that in 2024, more than 20,000 employees were working across the entire PASHA Group. This not only underscores our role as one of the country’s largest employers but also highlights our dedication to fostering economic well-being. By creating a substantial number of job opportunities and ensuring employee satisfaction, we actively contribute to the prosperity of the economy in which we operate. Supporting and empowering our employees remains one of the key priorities of our operations, as we believe that a thriving workforce is fundamental to sustainable economic growth.
At this point, I would also like to mention two of our companies that were created in 2024 and contribute to our economic impact: Future Lab and Bir Ecosystem.
Future Lab, established in 2024 within PASHA Holding, serves as an innovation hub for developing and testing new products and services. It focuses on creating tailored solutions that enhance the efficiency of PASHA Holding’s companies, ensuring their business needs are met with cutting-edge technology. By bridging the gap between ideation and market implementation, Future Lab plays a crucial role in driving innovation.
On the other hand, Bir Ecosystem is reshaping the country's business and financial landscape by uniting leading companies under one seamless platform. By integrating services such as Birbank, m10, MilliÖn, Umico.az, BakıKart, and Trendyol Azerbaijan, Bir Ecosystem enhances convenience for customers while fostering collaboration among financial and digital service providers. Its primary goal is to integrate naturally into users’ daily lives, offering tailored solutions that create new opportunities and drive financial accessibility.
We believe that every second of our customers’ time matters. That’s why, in 2024, we introduced a series of innovative digital solutions to enhance customer experience and deliver greater convenience. Among the highlights are Birbank’s new features such as digital deposit campaigns, card subscriptions, and BakıKart QR payments. Customers can now also pay using Umico bonuses, benefit from exclusive AI-powered chat support, and easily identify their cards both on the app and website. We’ve also launched tailored campaigns, including Umico bonus offers and flexible Trendyol installments. On the business side, PASHA Bank introduced its Business Online Banking Bundle - a subscription-based model offering seamless access to premium services, further strengthening customer loyalty and satisfaction.
Lastly, it is worth noting that beyond contributing to the economy of Azerbaijan, we actively seek to create value across the broader region. In 2024, we began construction of The Ritz-Carlton Hotel in Tashkent, the capital of Uzbekistan. At the same time, we continue to support Montenegro’s economy through the operation of our luxury hotel in the country. Furthermore, our subsidiaries - PASHA Bank Georgia and PASHA Bank Türkiye - remain committed to strengthening their presence and delivering financial solutions tailored to the needs of local markets.
Interviewer: This is an excellent point. You mentioned that employee well-being is one of PASHA Group’s key priorities. Could you elaborate on how the company ensures this?
Aytaj Mukhtarzade: As I mentioned earlier, PASHA Group currently employs over 20,000 people. Ensuring their well-being and satisfaction is not just our responsibility but also a key factor in maintaining a motivated and innovative workforce. Our Human Resources team regularly conducts employee satisfaction surveys, actively gathering feedback to enhance the workplace experience. Moreover, we place great emphasis on continuous learning and development. For several years, PASHA Hub has served as a dedicated center for structured programs tailored to our employees' growth. In line with this commitment, in 2024 we invested nearly 8 million AZN in learning and development initiatives, ensuring that every employee has access to the resources and opportunities needed to grow, excel, and drive innovation within the Group. Most recently, we launched a digital learning experience platform - pashahub.az - which brings together diverse content from our central team, leadership, and individual contributors, creating a dynamic, accessible learning environment. Additionally, since 2018, we have been running the Synergy Program, which fosters collaboration through knowledge-sharing sessions, events, and competitions. To further encourage entrepreneurship and drive internal innovation, we have also implemented the Kickbox project, which specifically invests in startup ideas pitched by our employees. This initiative not only gives them a chance to explore new solutions but also offers the possibility of securing investment to bring their entrepreneurial visions to life. By empowering employees with resources and support, we reinforce our commitment to fostering a culture of innovation and continuous growth within the PASHA Group.
In addition, at PASHA Holding, we place great emphasis on the continuous development of our leaders, recognizing that strong leadership is fundamental to sustainable success. In 2024, we introduced Leadership DNA - a framework that defines the key qualities of effective leadership within the Group, focusing on personal growth, team leadership, and business impact. As part of our ongoing commitment to leadership excellence, we launched the PASHA Leadership Journey, a unique and immersive 9-month program tailored for senior leaders. Over the year, more than 100 leaders across four cohorts are expected to take part in this transformative experience. In parallel, we continued our Leading Lights program, which has become a cornerstone of our leadership development efforts. This corporate program empowers senior leaders with essential skills in strategy, communication, team management, and conflict resolution through mentoring, expert-led sessions, and collaborative learning. Together, these initiatives reflect our belief that nurturing capable, visionary leaders is key to shaping the future of our organization.
Interviewer: This is impressive – thank you. Now I would like to proceed with PASHA Holding’s CSR activities. Could you share more details about the initiatives and projects PASHA Holding has undertaken in this regard in 2024?
Aytaj Mukhtarzade: Corporate Social Responsibility plays a crucial role in our philosophy, as we firmly believe that businesses have a duty to contribute to the well-being of the society in which they operate. We feel deeply responsible for improving the quality of life for individuals and communities, and our CSR initiatives reflect this commitment. Our activities cover a wide range of areas, primarily focusing on three major ones: education, women empowerment, and public health. It’s important to note that we allocate nearly 50 million AZN annually to CSR activities.
For example, as mentioned previously, education has been a major focus, with 15 million AZN invested. The “Əlaçı Təqaüd Proqramı” (The scholarship program for outstanding students) provided financial aid, mentorship, and career guidance to 110 talented students.
Public health is another critical area of focus for us. Ensuring access to essential medical care, particularly for children in need, is a priority for us. We are committed to supporting life-changing treatments and improving healthcare outcomes, recognizing that a healthier future begins with timely and compassionate intervention. For example, in 2024 “Soyuq Əllər, Isti Ürəklər” (“The Cold Hands, Warm Hearts”) charity fair supported by our company, helped cover the full cost of surgeries and treatments for seven children battling severe illnesses.
One of the most impactful projects of 2024 was the opening of Azerbaijan’s first inclusive café, Kashalata Café, sponsored by PASHA Holding. The café offers employment to 20 young individuals, including many with diverse abilities, contributing to greater social inclusion and equal opportunity. One of our subsidiaries, PASHA Bank, also supported children with disabilities through the projects like “Empower Youth: Invest in Education” project with ADA University, Azerbaijan’s leading higher education institution. The initiative included creative workshops and awareness sessions on education, personal growth, and social well-being.
Supporting women has also been a priority. The Woman Bazaar
festival, held in honor of International Women’s Day, empowered 60
female entrepreneurs, including 15 from rural areas, by supporting
their businesses and highlighting their role in climate action. In
addition, Kapital Bank launched the “Arzumuz var” (“We Have a
Dream”) scholarship program to help young women from vulnerable
backgrounds continue their education. PASHA Bank, in partnership
with ADA University, introduced the Women in Change initiative,
providing women entrepreneurs with skills to navigate today’s job
market. Additionally, PASHA Holding has been supporting the "Aqrar
Fəaliyyətli Azərbaycan Qadınları - AFAQ” (“Agriculturally Active
Azerbaijani Women”) project for several years. This initiative
focuses on empowering women entrepreneurs in the agricultural
sector by providing them with specialized training and essential
equipment to enhance their businesses. PASHA Insurance also made an
impact with the “GüclüSən” (“You are strong”) project, raising
awareness about breast cancer and stressing the importance of early
detection. Moreover, one of the notable activities in 2024 was
PASHA Bank Türkiye’s collaboration with the Turkish Education
Foundation (TEV) to launch the “Future Women Managers” scholarship
fund.
The initiative supports the academic and personal development of
female university students, promoting equal opportunities and
future women leadership. The Bank also provides voluntary mentoring
to the scholarship recipients.
Furthermore, as in previous years, in 2024 PASHA Holding continued the implementation of “Ailə Biznesinə Asan Dəstək” (Simplified Support to Family Business) – a program designed to support family businesses, foster growth, and contribute to the country’s economic development.
While highlighting our support to the community, it is worth noting that one of our subsidiaries – Agro Dairy – organized training sessions on Modern Agrotechnical Soil Cultivation for nearly 650 local farmers and entrepreneurs at the Hacıqabul farm between 2021 and 2024. In addition, “Open Door” days were held in the fields during the pre-seed sales period. As part of these events, field visits were conducted with the participation of the sales team and agronomists, and informative materials on the seed cultivation process were shared with attendees.
Moreover, I would like to highlight that in 2024, PASHA Holding allocated 2 million AZN to support the families of our heroes who fell during the 44-day Patriotic War, September provocations, and anti-terror operations, reaffirming our deep commitment to their well-being. As in previous years, we take direct responsibility for the revitalization of Karabakh, the restoration of liberated territories, and the support of war veterans and their families. Through the “Vətən əmanətlərinin keşiyindədir” (“The Nation Safeguards the Children of Its Heroes”) project we continue providing children of those who died in defense of their country with social programs, including festive gifts for New Year, Nowruz, Ramadan and Gurban holidays, Victory Day, as well as school supplies at the beginning of the academic year. PASHA Insurance also ensured that they receive premium health coverage, including chronic and dental care - services often excluded from standard packages. I would like to mention that the same high-level insurance benefits are typically aligned with those provided to PASHA Holding’s top management, reflecting the company’s commitment to honoring the families of national heroes with the highest standards of care. I believe these initiatives are not just about financial support but about honoring their sacrifice and ensuring their families are taken care of.
It is also worth mentioning that PASHA Holding’s CSR agenda places a strong emphasis on cultural development. For several years now, we have supported the organization of the Baku Jazz Festival and the Baku Piano Festival, which bring world-renowned musicians to Baku. In 2024, with the support of PASHA Holding, the Ministry of Culture of the Republic of Azerbaijan, and the Azerbaijan National Museum of Art, a special concert titled “Do You Love Bach?” was dedicated to the legendary German composer Johann Sebastian Bach.
Our subsidiary, PASHA Life Insurance, also contributes to the promotion of culture by supporting the publication of books by IRS Publishing House, which aim to preserve and showcase Azerbaijan’s rich cultural heritage.
I also believe it is important to highlight our commitment to supporting vulnerable segments of society. In 2024, almost 5 million AZN has been allocated to assist individuals from low-income backgrounds. For instance, as part of its long-standing tradition, PASHA Holding implemented the “Birincilər” (“The First-graders”) project ahead of the new academic year to support students from underprivileged families living in the regions. With the support of the Social Services Agency, charity events were organized in Baku, Absheron-Khizi, Mountainous Shirvan, Shirvan-Salyan, Central Aran, Karabakh, Ganja-Dashkasan, Shaki-Zagatala, Lankaran-Astara, Mil-Mughan, Guba-Khachmaz, Gazakh-Tovuz, and the Nakhchivan Autonomous Republic. As part of this initiative, more than 11,600 children received school uniforms, stationery supplies, and backpacks to support their education.
Finally, I would like to highlight PASHA Holding’s commitment to sports. For several years, we and our subsidiaries have been actively supporting the Azerbaijan Volleyball Federation, Azerbaijan Boxing Federation, Azerbaijan Equestrian Federation, Azerbaijan Gymnastics Federation, and the Intellectual Games Clubs. These investments are aimed at strengthening the country’s sports ecosystem and inspiring young athletes to achieve excellence. In addition, one of the notable activities in 2024 was PASHA Bank Georgia’s partnership with the Georgian Chess Federation. Implemented as part of the Bank’s corporate social responsibility program, this initiative focused on supporting the development and popularization of chess across the country. The collaboration aims to improve educational standards in chess, nurture young talents, and promote the game among children and teenagers.
Interviewer: Thank you so much for such a comprehensive response. Now, it is clear what PASHA Holding and its subsidiaries have done throughout 2024 in terms of CSR. Lastly, I’d like to touch on another key area - innovation. From recent news and your social media presence, it’s evident that this is a major focus for PASHA Holding. Could you share what has happened in 2024 in this regard?
Aytaj Mukhtarzade: Yes, that is exactly right - we are deeply committed to advancing innovation within the country and the broader region in which we operate. As part of our commitment to fostering innovation, in 2024 we invested nearly 13 million AZN in this realm. I’d like to start with the largest innovation event in the region, the INMerge Innovation Summit, which took place for the fourth consecutive year in 2024, gathering over 5,000 participants in Baku, Azerbaijan.
This annual summit aims to contribute to the development of the innovation ecosystem in the country and the Central Eurasian region by bringing together largest corporates and regulators, creating opportunities for collaboration, and establishing a platform for knowledge and experience exchange among all ecosystem participants. In 2024, INMerge welcomed distinguished speakers such as YouTube co-founder Steve Chen, Amazon’s Vice President and CTO Werner Vogels, Co-founder of Starbucks Zev Siegl, Founder of Waze Uri Levine, Professor at Harvard Business School Linda Hill, Professor at Stanford University Ilya Strebulaev, and Vladimir Pravdiviy – former CEO of Avito. In addition, the summit featured more than 160 speakers from around the world, representing leading global companies. We are excited to continue this initiative in the current year as well
Another major initiative in innovation was the PASHA Hackathon 4.0, organized by PASHA Holding. This year’s hackathon focused on fostering new ideas for PashaPay, providing a 48-hour technology competition designed to create innovative products. As an annual initiative now in its fourth year, PASHA Hackathon serves as a platform to promote innovative thinking and problem-solving among young talent while supporting the development of a strong innovation culture in the country.
Beyond these events, I’d also like to highlight PASHA Holding’s support in launching the country’s first venture capital fund and cybersecurity school. Additionally, PASHA Holding played a key role in bringing the globally renowned Holberton School to Azerbaijan. This institution provides young talents with world-class theoretical and practical training in information technology, delivered by industry experts. Through innovative and hands-on methodologies, the school is nurturing the future IT professionals of Azerbaijan with the same high-quality programs found in Silicon Valley.
Additionally, it is worth mentioning that during the INMerge Innovation Summit 2024, the INMerge Venture Capital Fund was founded. This fund brings together PASHA Innovations, the Innovation and Digital Development Agency, the Azerbaijan Investment Company, and Trendyol Group as the limited partners. The INMerge VC Fund aims to invest in promising startups across the Caucasus, Central Asia, Eastern Europe, and the MENA region, driving innovation and fostering growth in these dynamic markets.
Interviewer: Aytaj xanim, thank you so much for your participation. It was a very useful and informative dialogue for us.
Aytaj Mukhtarzade: It was a pleasure to speak to you. Thank you for inviting me.