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Fintech Market Overview

This article does not constitute legal advice.

Client identification in Turkey

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Turkey lacks any comprehensive legal regulation on digital identity. However, certain laws do address the components that make up a person's electronic capture and storage credentials, which could create an individual's digital identity. At present, the Electronic Signature Law (Law No. 5070) provides guidance on digital identification and the Communiqué on Electronic Signature and Relevant Procedures and Technical Criteria establishes principles related to electronic signature usage which can be implemented in forming a digital identity.1

The term 'open banking' was first defined in the Regulation on Banks' Information Systems and Electronic Banking Services, published in the Official Gazette on 15 March 2020 and enacted on 1 January 2021. The Regulation enabled individuals to remotely identify themselves, perform digital onboarding and use open banking services for digital identity. Further guidance was provided by the BRSA when they published the Regulation on Remote Identification Methods to be Used by Banks and Establishment of Contractual Relations in Electronic Environment in the Official Gazette on 1 April 2021.1

Digital onboarding in Turkey

Fintech in Turkey

Fintech in other countries

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/turkey
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