Payment Expert’s ID Check: Payments Professionals offers insight from industry leaders and experts on how they got their start in the financial industry, from their early years in education, to how they have been able to climb the corporate ladder.
This week, Azimkhon Askarov, Co-CEO and Partner at CONCRYT revealed lessons on the importance of initiative, asking questions, and building a strong reputation. This served as a foundation for success in fintech for Askarov and understanding that trust is the core currency of the financial world.
Where did you go to university and what did you study? What impact did this have on your current journey?
I studied for my Bachelor’s degree at the University of Latvia and later earned my MBA in Innovations and Entrepreneurship from Riga Technical University. Both programmes provided a solid foundation in finance, marketing, operations, and strategy – essential elements for running a business.
It was a great chance to hone my teamwork and people management skills, as well as develop my leadership abilities. I was highly active at university, participating in StartUp Pitch Conferences where I presented real business ideas and plans, representing my university’s futsal team, and taking part in the Erasmus Programme, which allowed me to spend a semester abroad. That experience gave me really valuable insights into cross-cultural communication and management.
But I think the most significant impact was being able to apply my knowledge in practice immediately. I worked part-time during my Bachelor’s studies and full-time while pursuing my Master’s degree. Much like learning a language, business acumen requires active application. Without real-world experience, knowledge fades, or worse, becomes irrelevant.
Were you part of any sports clubs or societies at university, and has this influenced your educational and professional development?
As I mentioned earlier, I was part of the futsal team and the Erasmus programme.
I’m a big believer that sport plays a huge role in discipline and goal-oriented focus. Team sports in particular develop collaboration skills, which are crucial in a startup or corporate setting. Additionally, I found playing in a competitive league a great way to learn how to cope with stress. Every match was a battle, pushing us to stay resilient under pressure.
Overall, I think balancing academics, career, sports, and personal life dramatically improved my time management!
What was the first job you had in the industry, and are there any lessons from this that you still draw on?
My first role in fintech was as a Business Development Assistant, where I supported the development of partner relations to enhance the range of solutions offered to clients.
I took away three critical lessons:
- Initiative comes with challenges, but it pays off in the long run. Taking ownership and stepping up meant that I gained access to projects that accelerated my learning far beyond what would have been possible otherwise.
- Don’t be afraid to ask questions! Understanding any task at its core requires deep inquiry. Many people avoid asking questions, either because they don’t care or feel hesitant. I was in the latter category but worked through that barrier.
- Reputation is everything; your credibility starts building from day one. Whether in grand gestures or small details, maintaining integrity fosters trust with clients, partners, and colleagues. A strong reputation accelerates team-building and decision-making, but it requires consistent effort to establish and protect.
Who was your biggest role model – inside or outside of your industry – who continues to inspire you in your current career?
I’ve never had a single role model, nor do I believe in idolising individuals. The saying “Do not make yourself an idol” resonates with me.
That’s not to say I don’t find inspiration in entrepreneurs and business leaders with fascinating journeys, but ultimately my own path is unique. Each experience is shaped by its own mix of challenges, people, skills, and vision.
When was your first big break in the industry? Why was this such a significant moment for you?
Without a doubt my first industry conference was my big break. It massively expanded my network and deepened my understanding of fintech.
Face-to-face discussions and experience sharing are powerful catalysts for developing new solutions, whether for products, services, or partnerships. In an innovative industry, the ability to connect and exchange ideas is invaluable.
What are some of the skills you deem essential to starting in your industry, and how have yours developed over the years?
Success in fintech requires a combination of creative thinking, business expertise, and a systematic approach. The industry is highly competitive and fast-moving, making adaptability and innovation critical.
Open-mindedness is essential. Without it, innovation is impossible. Creativity fuels breakthroughs, and in fintech, disruption drives success.
Communication is also critically important. Effective communication ensures organisations build strong teams, retain the best talent, and align collective efforts towards ambitious goals. As Jim Collins outlines in Good to Great, “First who… then what.”
Finally, I think a systematic mindset is a must. Tech-driven industries require structured thinking. A great idea is just an idea until it is organised strategically and translated into action.
Was there a moment you faced in the industry that really challenged you? How did you overcome this?
Spending years in finance offers a unique perspective on the sheer scope of responsibilities professionals must manage. Unlike industries that allow for narrow specialisation, finance demands broad expertise, often spanning legal, regulatory, and strategic domains.
One of the greatest challenges in fintech is navigating complex regulatory frameworks. Compliance is non-negotiable; failure to understand the legalities surrounding financial products and services can lead to significant consequences, including fines or reputational damage.
For me, the key to overcoming this challenge has been continuous learning. Expanding my expertise ensures I remain well-informed, minimising risks while maximising opportunities.
What advice would you give to an aspiring person looking to get a start in your respective industry?
Entering the financial industry requires balancing vision with adaptability – markets evolve rapidly due to technological advancements, regulatory changes, and shifting consumer behaviours.
I would urge anyone getting into this industry to remember one fundamental truth: Trust is the currency of finance. Always deliver on what you promise and safeguard your reputation through integrity and transparency. Words matter, but actions define your success.
