Recently, the government of Turkey published a “Fintech Guide” highlighting innovative financial services firms operating in the country. The Presidency of the Republic of Türkiye Finance Office (CBFO) reports that as of February 2023 there were 637 Fintechs providing payments, DeFi, digital banking and more.
The report ranks Turkey amongst other countries. When looking at MENA, Turkey claims 3rd place for the amount of startup investment in 2022 after Israel ($8.3 billion) and UAE ($2.5 billion). Turkey reported $1.6 billion in funding.
In comparing Europe, Turkey ranks 11th, just behind Italy ($1.7 billion) but ahead of Estonia ($1.5 billion), Finland ($1.3 billion) and Belgium ($1.2 billion). The report states that 300 Fintech startups raised funding in 2022.
Prof. Göksel AŞAN, President of Finance Office of Presidency, said the guide was designed to:
“… lift the Fintech sector to the next phase, presents a roadmap about the ecosystem to all interested parties, especially entrepreneurs and investors. This guide, focusing particularly on the regulated fintech verticals, provides essentials of establishing a fintech company and regulations.”
The guide is available here.