Fintech sector attracts $64 mln in investments

Fintech sector attracts $64 mln in investments

Fintech sector attracts $64 mln in investments

Turkish fintech ecosystem attracted $64 million in investments last year, according to a report released by the Presidential Finance Office.

“Strong banking sector and technological infrastructure provide a basis for the increase in the digitalization rate of individual and corporate customers in the financial sector,” said the report.

Some 520 fintech companies have been operating in Turkey.

There are nearly 70.3 million active retail digital banking users in Turkey, as well as 1.7 million point of sale (POS) terminals, 52,000 automated teller machines, 82.8 million credit cards and 54.4 million prepaid cards.

Contactless payment rate increased with the pandemic to reach 48 percent.

The report also highlighted plans to open the Istanbul Finance and Technology Base in Istanbul Financial Center (IFC), which is under construction.

It said the IFC would include a regulatory sandbox where fintech firms could “develop their products and services in a controlled environment under the regulator’s supervision.”

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