As fintech companies have an increasing influence on the global financial ecosystem, they are driving reform across all key stakeholder groups often encouraging more dynamic competition and greater cooperation.
Türkiye’s advanced legal and technological infrastructure proactively promotes the growth of ventures focused on financial technologies and innovation. The market size of the Turkish digital payment system is predicted to reach $53 billion by the end of 2021 and to exceed $98 billion by 2025 with an average annual increase of 17 percent.
As a leading global fintech center, the İFC will host regulation testing environment (sandbox) on payment systems. Additionally, fintechs in Türkiye will be actively supported by the Finance and Technology Base operating as part of the İFC. The fintech firms hosted by the İFC will beprovided with access to the critical payment systems operated by the Turkish Central Bank and the relevant public databases.
In Türkiye, payment and e-money institutions are represented by the Interbank Card Center (BKM), a legal entity dedicated to collaboration and solving the sector’s collective challenges. To further aid the fintech sector the İFC will also work to promote equity-based financing and facilitate the public offering processes.