EmailWire
24 Aug 2023, 00:23 GMT+10
INSTANBUL - (ARAB NEWSWIRE) - Erkan Kork, PayFix Chairman of the Board and TDEB Board Member, recently discussed the developments in Trkiye's fintech sector and the
future of fintech globally. He emphasized that fintech will shape many industries in the
future and highlighted Trkiye's opportunities on the world fintech stage.
Key trends shaping the global fintech sector were identified, including the rise of digital banks, personalized financial services through AI and machine learning, increased mobile and cryptocurrency payments, compliance with regulations through "Regtech", digitization of the insurance sector, the creation of "Financial Health Platforms," global growth of fintech firms, accessibility of fintech to those outside traditional financial services, and increased investments in security and privacy.
Erkan Kork also focused on Trkiye's place in the global fintech sector, pointing out its progress towards becoming a regional fintech center. This is due to the young and
tech-savvy population's interest in mobile banking and digital financial services, government regulations, increasing investments from both domestic and foreign investors, focus on fintech education, and Trkiye's strategic location for regional financial transactions.
However, to become a global fintech base, Trkiye still needs to overcome some challenges:
Constructive regulation that is integrative and not punitive.
Increased investment, especially in early-stage projects.
Overcoming a lack of specialized talent and workforce in the fintech field.
Addressing the lack of necessary technological infrastructure.
Educating consumers about fintech services.
Streamlining the licensing and regulatory approval processes for new fintech startups.
Enhancing communication with the international fintech ecosystem.
Despite these challenges, Kork emphasized that Trkiye is close to becoming a global fintech base and that the shortcomings can be overcome with proper support.
Specific shortcomings in the Turkish fintech sector were also identified, such as the early stage of digital banking concept implementation, inadequate integration with global financial systems, unclear legal framework around cryptocurrencies, and problems with information and data sharing. Kork believes that these weaknesses can turn into opportunities with the right strategies. He expressed confidence in the Turkish fintech sector's potential, emphasizing its young population and the right support and strategies could make Trkiye a fintech base. The development of this sector will be vital for Trkiye's economy.
Contact:
Erkan Kork
+90 532 204 99 21
This press release is issued through Arab Newswire (www.arabnewswire.com) - a newswire service for Arab World, Middle East and North Africa (MENA), and it is distributed by EmailWire (www.emailwire.com) - the global newswire service that provides Press release distribution with guaranteed
results.
Get a daily dose of Middle East Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Middle East Star.
More InformationDUBLIN, Ireland: Taoiseach Leo Varadkar has said that Intel's new factory in Co Kildare will play a "strategic" role in ...
LONDON, UK: This week, the Global Financial Centers index showed that New York remains the world's leading financial center, with ...
LONDON, UK: This week, Adidas' newest running shoes, the Adizero Adios Pro Evo 1, went on sale for US$500. Worn ...
© Provided by Xinhua The Regional Comprehensive Economic Partnership agreement has been a key driving force for the kingdom's export ...
ABUJA, Oct. 2 (Xinhua) -- Nigerian President Bola Tinubu on Sunday pledged to oversee a thorough housecleaning of the country's ...
BANGKOK, Oct. 2 (Xinhua) -- Thailand's business sentiment improved in September due to increased confidence in the manufacturing sector, while ...
JAKARTA, Indonesia - According to Asian diplomats and the Philippines' president, Southeast Asian leaders have decided that Myanmar will not ...
NEW LONDON, Connecticut: Video footage taken deep in the Pacific Ocean provided the first detailed view of three World War ...
CUSTER STATE PARK, South Dakota: As part of an annual effort to maintain the health of the species, which has ...
TASHKENT, Uzbekistan: Uzbek authorities said a powerful explosion on September 28 at a warehouse near Tashkent's airport killed one person ...
TALLAHASSEE, Florida: The Florida Lottery said this week that the second-largest lottery winner in U.S. history has come forward to ...
LONDON, UK: This week, the Global Financial Centers index showed that New York remains the world's leading financial center, with ...