Open a Fintech Company in Turkey
Open a Fintech Company in Turkey
Updated on Saturday 15th December 2018 Rate this article
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Conditions to open a fintech company in Turkey
An investor can set up a fintech company in Turkey which can provide support and applications related to electronic bill payments, or e-payments, where a minimum capital is required. The Banking Regulations and Supervision Agency in Turkey controls the activities of fintech companies in Turkey, whether a local or a foreign entrepreneur is interested in opening such type of business. It is good to know that for opening a firm which offers electronic bill payment systems, one must provide a minimum share capital of TRY 1,000,000. Complete assistance when opening a fintech company in Turkey and legal support in this matter can be offered by our Turkish lawyers.
What to consider when opening a fintech company in Turkey
As expected, the technology had a powerful impact in the financial sector in Turkey, where most companies directed the attention on the suitable ways to improve the financial services with the help of innovation. Being in a continuous development, technology helps people connect in a fast way to all kinds of services among many others, where the financial institutions make no exception. If you want to open a fintech company in Turkey, a complete focus is necessary in this area, as this new business requires skilled workers and interesting ideas to implement in the financial sector.
Regarding the security, a fintech company must be aware of the data breaches and cyber crimes which intervene in such important sector, therefore a full analysis is a must. Customers need to be protected when using varied bank services, therefore, one should consider developing several protective methods once they open a fintech company in Turkey. Besides that, a fintech company should offer unique and reliable services, alongside with complete solutions regarding the payment, the insurance and the investments a financial institution offers to their clients.
For a better understanding of the regulations imposed by the National Bank in Turkey when opening a fintech company, please feel free to contact our law firm in Turkey.