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Turkey paves the way for Open Banking

14/11/2019

The Turkish Government has passed new legislation paving the way for the introduction of Open Banking and full compliance with PSD2.

These new rules shift the responsibility for co-ordinating the move to Open Banking to the Central Bank of Turkey and establish a Union of Payment and Electric Money Institutions of Turkey.

This has been welcomed by Turkey’s Payment and Electronic Money Association, which represents the interests of companies in the payment and electric money services sector.

Burhan Eliaçık, president of ÖDED says the changes will create a payments landscape where innovative and low-cost products are widespread, and goes on to say, “Now the target is to attract investments to our country and to create unicorns”. “We have strong beliefs that our sector will gain serious momentum and that we will have payment and electronic money institutions with valuations of more than one billion dollars at the end of 2023”.

Author: Kate Nelson