Turkish Fintech Ecosystem Status Report 2022 Published by the Presidential Finance Office

The Turkish Fintech Ecosystem Status Report 2022 ("Report") prepared by the Finance Office of the Presidency of the Republic of Türkiye was published on the official website of the Finance Office of the Presidency of the Republic of Türkiye on March 13, 2023.

The summary of the Report is as follows:

4 digital banks have been granted permission to establish so far within the scope of the "Digital Banking and Service Model Banking" regulation of the Banking Regulation and Supervision Agency, which entered into force at the beginning of 2022.
In 2022, payment services data sharing services API principles, and rules were published in the field of open banking.
In cooperation with the Central Bank of the Republic of Türkiye and Bankalararası Kart Merkezi A.Ş., the "Open Banking Gateway ("OBCG")" infrastructure, which was developed with in-house human technical resources and enables parties to offer open banking transactions, was launched.
The open banking system, an important component of the digital economy roadmap, was put into use with this development.
In 2022, payment and electronic money institutions were also included in the FAST System.
In 2022, the first payment transaction on the Digital Turkish Lira Network was realized within the scope of the "Digital Turkish Lira Project" led by the Central Bank.
In Türkiye 's fintech ecosystem, where 629 fintech companies are actively operating, an all-time high of more than USD 90 million was invested in 2022. However, a fintech that exited in 2022 sold its shares for 26 million dollars.
When the fintech fields are analyzed, there are 250 payment technology startups, 92 blockchain, and crypto asset startups, and 89 banking technology startups in Türkiye.

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Zumbul Attorneys at Law

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