New Era In The Turkish FinTech Industry

Two new pieces of legislation, which mean the beginning of a new era for the Turkish FinTech industry, have been published and entered into force on December 1, 2021.

The said legislation aiming to comply with the European Union's Payment Services Directive 2 ("PSD 2") introduce

• critical changes to the business conduct of licensed players operating in the Turkish FinTech sector, and
• the standards for obtaining authorization ("license") for providing open banking services, i.e., "account information service" ("AIS") and "Payment Initiation Service" ("PIS").