Armenia's Independent ATM Network Creates a Bridge Between Cash and Digital: Aram Azatyan, Founder of Finbox

Although digitalization is accelerating worldwide, abandoning cash completely remains unrealistic. Even in developed economies, 25–30% of card-based funds continue to be withdrawn as cash. Armenia’s first and only independent ATM network, Finbox, serves as an infrastructure partner for banks, aiming to optimize the costs of ATM services through its Finbox PRO solutions. By the end of 2027, the company plans to install up to 200 ATMs across Armenia, including in remote regions where no ATMs currently exist.

Ahead of the Doing Digital Forum, we present an interview with Aram Azatyan, Founder and CEO of Finbox, who will be one of the speakers of the forum’s panel discussion on “Digital Infrastructure and Real Economy.

What inspired the creation of an independent ATM network in Armenia, and which systemic challenges in the financial market was Finbox designed to address?

The decision to establish an independent ATM network was made about two years ago, based on many years of experience in the payments and settlements sector. The key systemic challenges Finbox addresses are the high costs and inefficiencies associated with maintaining ATM networks for banks. Each bank is forced to allocate significant resources for installation, maintenance, and cash-in-transit services. Finbox has created a unified infrastructure that enables cost optimization while ensuring access to both bulk cash-in and cash-out services for individuals and businesses alike.

Today, the world is rapidly moving toward cashless payments and digital wallets. In your view, why does cash infrastructure remain strategically important, and what role can solutions like Finbox play in the future financial ecosystem?

While digitalization is accelerating, fully abandoning cash is unrealistic today. Even in advanced economies, 25–30% of card funds are still withdrawn as cash. Finbox believes that access to cash actually supports the growth of cashless payments. When people are confident that they can withdraw their money anytime without additional fees, they are more comfortable keeping their funds in digital form and only cashing out when necessary. In this sense, Finbox acts as a bridge between cash and digital economies.

Fintech projects can be both partners and competitors to banks. How did you manage to build a cooperation model with the banking sector? 

The key to success lies in the B2F (Banks and Financial Institutions) model, where Finbox positions itself not as a competitor but as an infrastructure partner. Banks are offered an outsourcing model, allowing them to replace inefficient ATMs with Finbox PRO solutions. This enables banks to reduce operational costs and focus on their core services, while Finbox takes over technical and logistical operations: creating a mutually beneficial partnership for all parties involved.

How do you envision Finbox’s long-term development? Will it evolve into a technological platform or a broader financial services ecosystem?

The primary goal for the next three years is to expand the network across Armenia. By the end of 2027, the plan is to install up to 200 ATMs, including in remote areas currently underserved. In the long term, Finbox is envisioned as a scalable technological model with the potential to enter international markets. Its core mission remains saving people’s time through efficient cash management.

In recent years, Armenia has been actively developing its fintech sector and digital economy. Can the country become a platform for creating solutions that can later scale to international markets?

Yes, Finbox’s experience demonstrates that Armenia is an excellent platform for developing and testing innovative financial solutions. The model created is inherently universal and applicable in any market. Discussions with international investors are already underway, confirming that Armenian fintech solutions have strong potential to be competitive globally and expand into international markets.

The Doing Digital Forum, entitled “Bridging Platforms and Economies” this year, will be held on April 8 at Dvin Hall in Yerevan. 

Since its launch in 2023, DDF has brought together over 60 prominent speakers and more than 3,000 participants from Armenia, the United Kingdom, the United States, the UAE, Germany, Australia, and the CIS countries.

The forum is organized by SPRING PR Company, with Visa serving as the Innovation Partner, imID as the Digital Identity Partner, aeda as the Blockchain Partner, Zangezur Copper Molybdenum Combine as the Industrial Transformation Partner, and Freedom Broker Armenia as the Investment partner.