Turkey is looking to capture its slice of the Fintech pie with a brand new government-backed task force. The task force has been given a rather long but self-explanatory name, the Financial Technologies Permanent Sub-Committee. Nonetheless, the task force does embody a concrete step towards supporting a Fintech ecosystem in Turkey.
The aim is to bring together some of Turkey’s public and private and talent to support start-ups looking to innovate in financial technology. The task force is a combination of talent from The Central Bank of the Republic of Turkey, Banking Regulation and Supervision Agency, Undersecretariat of Treasury, Capital Markets Board, and the Savings Deposit Insurance Fund. The task force is expected to set a national vision for Turkish Fintech startups to determine a strategy and a road-map for the industry. This is all of course under the watchful eye of the Turkish authorities.
Mr. Burhan Eliaçık, Founding Chairman of the Payment and Electronic Money Institutions Association (ÖDED): “The FinTech Task Force, which we felt the need of since the establishment of ÖDED, is a solid step toward Turkish FinTech ecosystem’s success. We thank Mr. Murat Çetinkaya, the Governor of the Central Bank of the Republic of Turkey, with whom we shared the details of expectations of the industry and the need for a task force, for granting his full support. Also, we thank the executives of institutions which contributed to the FinTech Task Force as well. We are confident that the work we will undertake with the FinTech Task Force on behalf of the industry we represent will provide unlimited contributions to satisfy the need for public coordination, corporate awareness and current regulatory requirements that are vital to us. We see the support of the public clearly in this aspect, and now we look to the future with much more confidence.”
This could be the first step in a serious attempt to boost the industry in Turkey and could signal growing potential beyond the confines of Europe, Asia, and America.