The digital revolution in Turkish banking has begun. The digital banking regulation under which all banks will unite in a single application will come into effect in 2021. Consumers will now have the chance to access all their bank accounts through a single application.
It will be possible to manage all accounts and make money transfers through that application without the need to use individual banking apps for purchases. Exciting days are ahead for financial technology (fintech) startups that have been preparing for this change for a long time and have received licenses.
Banks, which had to invest more in online banking services and contactless payments during the coronavirus pandemic, are also learning to act with agility against fintechs with their IT infrastructure.
Fintech startups and banks are not the only ones applying for licenses in electronic currency and payment. Telecom operators, retail companies and municipalities also come to the fore in this regard.
According to the list prepared by startups.watch based on the data of the Central Bank of the Republic of Turkey (CBRT), 54 institutions have applied for electronic currency and payment. Turkey’s leading information and communication technologies company, Türk Telekom, which started to offer solutions in payment and electronic money under the Türk Telekom Payment Services brand, also looks to continue to specialize in financial technologies in 2021.
