- The fintech ecosystem is gaining traction fast and the regulations are also evolving swiftly. Players must watch out for developments on the market to ensure that they do not fall behind and can fully capitalise on the benefits of this newly emerging market.
- Maintaining a dialogue with stakeholders in the sector (eg, state agencies, existing players such as banks and industry associations) is crucial when establishing a business in Turkey. Players seeking to expand into Turkey should identify key stakeholders with whom they may establish beneficial business relations in the future.
- Compliance with the financial regulations is a must. Financial services are regarded as a matter of national security by government authorities and the legal rules are strictly enforced. It is critical to assess where a potential business model fits under the law and which rules therefore apply.