FinTech Merger Cleared By Turkish Competition Authority

Fintech is described by the Financial Stability Board (FSB) as "technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services". Fintech companies of all sort, have so far triggered a remarkable transformation in the provision of financial services. The impacts of this ongoing transformation on market structure is inevitable, as these companies are growing as new market players. The complementary and cooperative relationship between fintechs and traditional financial institutions is unstable, as fintech are starting to create competitive pressure instead of providing competitive edge to incumbents¹. This trend is expected to continue and further accelerate as a result of; growing technology, progressive regulation, evolving consumer preferences, cooperation agreements and mergers (1) among fintechs with different or similar