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Set Up a Fintech Company in Turkey

Updated on Monday 07th August 2017

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Set-up-a-fintech-company-in-TurkeyTurkey boasts a developed and well-regulated financial industry which why large foreign investors are interested in starting this type of ventures here. Considering that a large portion of the financial industry is dominated by investment funds which trade various financial instruments, it was necessary for Turkey to keep up with the latest developments related to these instruments: the trade of digital currency.

Digital money or cryptocurrency is part of the new fintech industry which is regulated since 2014 in Turkey. Fintech is an emerging industry all over the world and it is a combination between the financial and the innovation sectors.

Those who want to open fintech companies in this country can obtain information on the legal requirements from our company registration agents in Turkey.

Requirements to open a fintech company in Turkey

Investors who want to open a fintech company in Turkey must comply with the specific law which was issued by the Banking Regulation and Supervision Agency and which provides for the use of electronic financial services. The same law provides for the share capital a Turkish fintech company must have in order to start operating.

Fintech companies in Turkey are divided into:

  • -          payment and e-payment companies which require a minimum share capital of 2,000,000 Turkish liras;
  • -          companies issuing e-money which require a capital of 5,000,000 Turkish liras;
  • -          companies providing electronic bill payment systems and which need a minimum capital of 1,000,000 Turkish liras.

Our Turkish company formation consultants can assist with the registration of a company in the fintech sector.

The fintech industry in Turkey

If in 2014 when the legislation providing for the opening of fintech companies the number of Turkish companies was 200, two years later their number has increased spectacularly. During the same period, the fintech market registered a significant growth of 175%, investments in this sector reaching 29 million USD. A large share of these investments was attracted by Turkish startups. In 2017, the Turkish fintech industry is expected to reach a new high, according to Deloitte, one of the large financial companies in the world.

If you are interested in starting a fintech business in Turkey and need assistance, do not hesitate to contact us.

 

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