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ARTICLE · 28 MAY 2020

COVID-19 Outbreak: Turkey's Open Banking Journey Gaining Traction

Esin Attorney Partnership
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Over the last few years, the financial market has been rapidly changing and transforming. One of the most important digital transformations of the 21st century was the concept of open banking.

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
Ilay Yilmaz
Ilay Yilmaz
Can Sozer
Can Sozer
Turker Doygun
Turker Doygun
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Introduction

Over the last few years, the financial market has been rapidly changing and transforming. One of the most important digital transformations of the 21st century was the concept of open banking.

The concept of open banking was first introduced in the United Kingdom in 2016 and then starting a new era of transformation in digital financial services quickly.

The Banking Regulatory and Supervisory Authority ("BRSA") laid down the legal infrastructure of open banking with the Regulation on Banks' Information Systems and Electronic Banking Services ("Regulation") issued on March 15, 2020. The Regulation will enter into force on July 1, 2020.

Turkish banks, which are among the leading banks in digital banking services, can utilize open banking to carry out many activities to provide an unprecedented user experience.

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