‘Türkiye may become fintech hub’

ISTANBUL

With its geographical location and tech savvy young population, Türkiye may become a fintech hub in its region, says Erkan Kork, the president of the Payment and Electronic Money Institutions’ Association (TÖDEB).

Many fintech startups have been launched in Türkiye and managed to secure large funds from domestic and international investors, said Kork, who is also the board chair of payment company PayFix.

Those companies are focused on a wide range of areas, such as payment systems, alternative financing and digital banking, according to Kork.

Universities and research companies are jointly conducting training courses and forging cooperation in the field of fintech, he added.

Türkiye’s young population is tech savvy and interested in digital financial services, which drive the growth of fintech enterprises in the country, Kork said.

The country’s Central Bank has taken steps toward regulating the financial technologies by launching the licensing and supervision processes, he added.

Türkiye is not very far from becoming a fintech hub in the Middle East and north Africa region, according to Kork.

“With our strategic geographical location, we are very well placed to conduct financial transactions and forge cooperation in the region. Türkiye may become a competitive player in the fintech industry,” he said.