Fully integrate the norms of international capital markets into Turkish capital markets legislation.
Promote and enhance the effectiveness of both the supply and demand side of the capital markets. Promote transparency and fairness in the capital markets. Facilitate the modernisation of the capital markets infrastructure. Established in , the Central Bank also regulates banks in relation to their foreign currency operations, reserve requirements and capital adequacy rules. The main strategic objectives of the Central Bank are to:. Achieve and maintain price stability and financial stability.
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Determine and provide stability to the exchange rate regime with the government. Establish fast and secure transfer and settlement systems. The Central Bank operates electronic funds transfer eft and electronic securities transfer systems. Since 1 January , the Central Bank has been authorised to oversee payment companies and electronic money companies, instead of the BRSA. An amendment dated 22 November Amendment Law introduced important changes to the Law on Payment Systems, making the Central Bank the primary regulator of the payment systems sector, increasing the scope of the Central Bank's existing supervisory powers under the applicable legislation and paving the way for open banking see Question 7.
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Manage public financial assets and liabilities. Regulate, implement and supervise economic, financial and sectoral policies, including the foreign exchange regime. Co-ordinate international economic relations in a transparent, accountable and efficient way. Set out principles and rules regarding money laundering.
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The Insurance Agency was officially established by convening its first board meeting on 5 June , after the appointment of the chairman and members of the board. The main strategic objectives of the Insurance Agency are to:. Regulate, implement and supervise insurance and private pension legislation. Take the necessary steps and precautions to improve Turkish insurance and private pension practice and to protect insureds and participants.
License insurance and reinsurance companies and branches of foreign insurance or reinsurance companies, ensuring compliance with insurance and private pension legislation. There are currently four main markets on BIST:.
Equities market. The main markets consist of several sub-markets. For example, the Equities Market consist of:. After quotation, listed companies are evaluated at least bi-annually.
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If deemed necessary, they may need to leave one sub-market and move to another. Lease certificates modelled on sukuk bonds can be issued based on revenues to be generated from ownership, management, sale and purchase, partnership or a service contract.
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Self-regulating organisations For each segment of the financial industry, there are also self-regulating organisations, including the:. Banks Association of Turkey. Participation Banks Association of Turkey. Payment and Electronic Money Institutions Association of Turkey introduced by the Amendment Law, the relevant provision of which entered into force on 22 May Overview of FinTech sector 3.
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What areas of the financial services sector has FinTech most significantly influenced? The promulgation of the Law on Payment Systems in was an important step in the development of the FinTech sector in Turkey see Question 7. As a result, FinTech has had a key influence on innovations relating to payment systems and money collection and transfer including pre-paid cards, digital wallets, invoice and accounting, budget management, offline payments, money transfers, loyalty cards, bill collection, cash collection, cash registers and point-of-sale devices and credit scoring.
FinTech has also influenced the following sectors:. Personal finance management. Insurance agency and price comparison. Robo-advisory almost exclusively for savings in private pension schemes. However, developments in these sectors have been rather limited compared to those in the payments industry. How are traditional financial services firms engaging with FinTech? The traditional financial services sector in Turkey is led by banks, which have rapidly responded to, and adapted to, FinTech due to:.
Their market size. The large product range they offer to customers. Turkish banks offer advanced retail banking products, ahead of many of their international competitors, including loan applications submitted through text messages, cash withdrawals using a QR code, mobile contactless payments, artificial intelligence-based financial assistants, and opening bank accounts through video call.
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Certain products offered by Turkish banks also involve co-operation with FinTech entities such as mobile internet banking applications and with public authorities such as the General Directorate of Land Registry and Cadastre for electronically establishing a mortgage. Regulatory environment 5. What regulatory initiatives have been introduced to support technology innovation and development in the financial services sector? There are currently no regulatory sandboxes available for FinTech companies or start-ups.
Law No. There are currently 72 fully operational zones and 15 under construction. About 6, companies about of which have foreign investors benefit from incentives under this framework. These include:. Tax deductions and exemptions including from income tax and stamp tax. Alternative finance. How is the use of FinTech in alternative finance activities regulated? There is no specific legislation regarding the use and application of FinTech in marketplace lending activities including B2B, B2C, C2C, peer-to-peer lending and so on.
Unauthorised money lending and earning interest from such funds is a crime, defined as usury tefecilik , which is punishable by two to five years imprisonment and punitive fines of up to TRY, Criminal Code No. Accordingly, no B2B, B2C, C2C, or peer-to-peer lending platforms are currently active in Turkey and no such activity can be conducted under the current legislation. However, crowdfunding activities and platforms are permitted and regulated on a national level by the CMB.
A set of amendments to the Capital Markets Law made on 5 December defines crowdfunded project entities and carves them out of the legal definition of "public entity" that is, joint stock companies with more than shareholders, which are deemed to be public, even if their shares are not traded on BIST. As public companies have a number of disclosure and corporate governance requirements that may be burdensome on a crowdfunded project entity, this carve-out provides for a regulatory environment that supports the establishment and development of crowdfunding.
Additionally, crowdfunded project entities are carved out of the definition of "issuer" and are not required to issue a prospectus or offering circular to launch crowdfunding campaigns. They are also exempt from extensive book-keeping and disclosure requirements that are applicable to public entities and issuers, which also helps develop and support the crowdfunding industry.
Under secondary legislation on equity-based crowdfunding adopted on 3 October , technology or production start-up companies can apply to crowdfunding platforms to raise capital in return for equity. These platforms are regulated on a national level by the CMB for example, crowdfunding platforms require the approval of the CMB to commence operations, and their corporate structure, corporate governance and activities are supervised by the CMB.
Under an amendment to the Capital Markets Law adopted on 20 February , the CMB is also authorised to regulate lending-based crowdfunding activities, in addition to equity-based crowdfunding. The amendment provides that banking regulations including the Banking Law will not apply to lending-based crowdfunding activities. Accordingly, changes to the regulation of alternative finance activities may be expected in the future. To date, the CMB has not issued any secondary legislation regarding lending-based crowdfunding, and there are no lending-based crowdfunding platforms.
Payment platforms. How has FinTech resulted in innovations to payment services and how is it regulated? FinTech is widely used in payment-related activities in Turkey. For example, internet and mobile banking systems are well established with a high market penetration rate. These services allow customers to conduct banking transactions, including national and international money transfers subject to certain limitations regarding processing orders outside usual banking hours. The general regulations applicable to financial services infrastructure are also applicable to money transfer transactions.
For further information on other regulations applicable to the use of FinTech, see Question Payment systems are regulated on a national level by the Law on Payment Systems, which provides that the following payment services can be conducted by payment entities:. Money transfers, including direct debiting from the account and regular payment made with a payment card. Issuance and acceptance of a payment instrument. Making of payments via an electronic communication device.