TURKEY Trends and Developments Contributed by: Sera Somay, Merve Kurdak and Doğa Pınarlı Dedebaş, Paksoy
Paksoy Orjin Maslak, Eski Büyükdere Cad No:27 Kat:11 Maslak/İstanbul Turkey Tel: +90 212 366 4700 Email: contact@paksoy.av.tr Web: paksoy.av.tr
Introduction The fintech sector in Türkiye has been developing steadily over the past several years, with growth accelerating significantly in recent times in parallel with global developments. The number of market players continues to increase, start-ups are making substantial contributions to the ecosystem, and public adoption rates are steadily rising. Against this back - drop, the sector is undergoing a transformative period characterised by expanding market activity and the introduction of new regulatory frameworks. According to a press release from the Investment and Finance Office of the Presidency of the Republic of Türkiye in October 2025, the Turkish fintech sec - tor reached a significant turning point in 2025 and achieved strong growth momentum. In the first months of the year alone, the sector attracted USD201.3 mil - lion in investments, surpassing the total investment volume of USD196.1 million recorded throughout 2024. In parallel, traditional financial institutions, particularly banking institutions, have expanded their business models by implementing fintech-based solutions. As a result, the financial services landscape has evolved into a more sophisticated and layered structure encompassing digital banking, open banking frame - works, payment services and crypto-asset-related services. Alongside this institutional transformation, a growing number of independent fintech companies and start-ups have emerged, focusing specifically on these verticals and contributing to rapid innovation and increased competition within the ecosystem.
There are also incentives available for fintech compa - nies. As set out under the 2024–2028 Twelfth Develop - ment Plan on the Development of Financial Services published by the Presidency of the Republic of Tür - kiye, Strategy and Budget Directorate, it was envis - aged that the range of incentives accessible through simpler and more streamlined application processes would be expanded. This growth, supported by incentive mechanisms, has also been further reinforced by increasing regulatory clarity. The regulatory framework continues to evolve under the oversight of the Central Bank of the Repub - lic of Türkiye (CBRT), the Banking Regulation and Supervision Agency (BRSA) and the Capital Markets Board (CMB), contributing to a more robust, secure and well-regulated fintech ecosystem. In this context, the key trends and developments in the Turkish fintech market may be analysed under four According to data published by the Banks Associa - tion of Türkiye in September 2025, a total of 68 banks operate in Türkiye, comprising 38 deposit banks, 21 development and investment banks, and nine par - ticipation banks. Banks are primarily governed by the Banking Law No. 5411 (“Banking Law”) and extensive secondary legislation, and are regulated and super - vised through resolutions, and instructions issued by the BRSA and the CBRT. Trends in the banking sector and newly regulated busi - ness models are also evolving and will be addressed main areas. 1. Banking
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