A New Era for the TURKISH FINTECH: Government Launches FINTECH Task Force

To help in fulfilling the objectives of making Turkey a global hub for the FinTech industry and improving the FinTech ecosystem in the country, a FinTech task force was launched.

Consisting of executives from The Central Bank of the Republic of Turkey, Banking Regulation and Supervision Agency, Undersecretariat of Treasury, Capital Markets Board, and the Savings Deposit Insurance Fund, the task force, depending on the agenda, is expected to set a national vision and goals, determine a strategy and a road-map for the industry with the other public authorities’ participation.

Financial Technologies Permanent Sub-Committee (FinTech Task Force), a powerful and a concrete step toward making Turkey a global hub for the FinTech industry and improving the FinTech ecosystem locally, is expected to give momentum to the advancement of Turkish FinTech ecosystem in the future.

The FinTech Task Force, anticipated to be assessing constituents and needs of what would be necessary for the financial technology industry’s growth, as well as making valuable contributions to a faster and overarching actualization of a suitable climate, required regulations and support infrastructures, is believed to bring a new life to the industry. Also, the Task Force, by mobilizing the knowledge and potential of Turkey in the finance field, is expected to participate in studies to designate a national vision, objectives, strategies, and road-maps to make Turkey a prominent member among the leading countries which are advanced in financial technologies.

“Now we look to the future with much more confidence.”

Mr. Burhan Eliaçık, Founding Chairman of the Payment and Electronic Money Institutions Association (ÖDED): “ÖDED, the only association representing FinTechs in Turkey, was founded by leading payment and electronic money institutions in 2015 and strives to build a FinTech ecosystem, and relationships with the government, public bodies, business associations, media and consumer groups. The FinTech Task Force, which we felt the need of since the establishment of ÖDED, is a solid step toward Turkish FinTech ecosystem’s success. We thank Mr. Murat Çetinkaya, the Governor of the Central Bank of the Republic of Turkey, with whom we shared the details of expectations of the industry and the need for a task force, for granting his full support. Also, we thank the executives of institutions which contributed to the FinTech Task Force as well. We are confident that the work we will undertake with the FinTech Task Force on behalf of the industry we represent will provide unlimited contributions to satisfy the need for public coordination, corporate awareness and current regulatory requirements that are vital to us. We see the support of the public clearly in this aspect, and now we look to the future with much more confidence. On top of that, we are glad that we contribute to the FinTech ecosystem of our country.”

 

About Payment and Electronic Money Institutions Association

ÖDED, compliant with the Turkish “Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions Law No. 6493,” is an association which represents ‘payment and electronic money institutions’ and institutions that provide payment processing and electronic money services. Mobile operators, mobile payment companies, payment service providers, international money transfer companies, and bill payment institutions which apply to or have the official payment and electronic money institution operation permit can be members of the Payment and Electronic Money Institutions Association (ÖDED). The association aims to improve the payment and electronic money systems offered in Turkey and make the country an exporter of technology and knowledge in the FinTech world while trying to ensure close cooperation and solidarity between members and sectors.

To learn more about ÖDED, which plays a critical role in making Turkey a global FinTech hub and represents payment and electronic money institutions, you may contact us at sekreterya@oded.com.tr or fatih.kaya@oded.com.tr