Fintech will bring many innovative products and services to the financial sector. The Turkish government acknowledges this potential and is setting up its own fintech task force. This move will help proposal Turkey to the forefront as a hub for financial technology.
No country or government can afford to ignore the fintech industry. It has become a booming business which unlocks a lot of new business opportunities. For Turkey, the decisions to launch a dedicated fintech task force makes a lot of sense at this time. This new task force enlists many financial industry experts, including the central bank, local regulators, and so forth.
Turkey Prepares to Embrace Fintech
An official roadmap will be unveiled in the near future. The task force will determine is long-term strategy to tackle fintech innovation head-on. Ensuing innovative efforts can thrive will be one of the main priorities, for the time being. Making Turkey a global hub for the fintech industry will require a lot of work and effort. The country doesn’t have the best of reputations when it comes to being open-minded. Moreover, the approach will focus on improving the domestic fintech ecosystem as a whole.
ODED Founding Chairman Buhan Eliacik comments:
“ÖDED, the only association representing FinTechs in Turkey, was founded by leading payment and electronic money institutions in 2015 and strives to build a FinTech ecosystem, and relationships with the government, public bodies, business associations, media and consumer groups. 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. “
Maintaining an open dialog with industry leaders will pave the way for a more viable ecosystem. As the industry grows, valuable contributions will be made. New regulatory measures will need to be introduced, although no specifics were unveiled at this time. Various studies will be conducted to gauge the full impact of fintech in Turkey. Addressing the potential risks and weighing them carefully is at the top of the agenda.