Open a Fintech Company in Turkey

Open a Fintech Company in Turkey

Updated on Saturday 15th December 2018

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Open-a-fintech-company-in-Turkey.jpgThe financial sector in Turkey is well developed, and numerous companies operate in strict accordance with the rules and regulations imposed by the National Bank. In a continuous search of proper services with the help of technology, the financial institutions are looking to adopt several innovative solutions in this sector, in order to align with the requirements on the market. In other words, the implementation of mobile banking among many other services will help financial institutions in Turkey operate in the same time with innovation. A fintech company in Turkey can be a proper start for entrepreneurs willing to generate good money in a prosperous sector. Our lawyers in Turkey can help individuals establish a fintech company in Turkey, by giving full legal support.

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.