{ "jurisdiction_id": "TR", "jurisdiction": "Turkey", "url": "https://payments.gi/jurisdictions/turkey/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 65, "source_register": 72 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/turkey/#w1a-licensing-authorisation-market-access", "standing_position": "Non-bank market access via PI and EMI licences under Law No. 6493 (2013); CBRT competent authority since 1 Jan 2020 (operational licensing from 18 Jan 2021); ~86 licensed PI/EMIs in 2024.", "findings": [ { "finding": null, "instrument_type": "primary_law", "source": "https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Core+Functions/Payment+Services", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing_regime", "source": "https://chambers.com/articles/providing-payment-e-money-services-in-turkiye-how-to-obtain-a-license", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory_transfer", "source": "https://faisalkhan.com/solutions/licensing/turkey-electronic-money-e-money-license/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "capital_thresholds", "source": "https://multilaw.com/Multilaw/ZENTSO/BusinessGuides/Presentation/Section_Home.aspx?GuideId=2&GuideCountry=Turkey&GuideSection=742", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://www.nortonrosefulbright.com/en/knowledge/publications/0343df19/doing-business-in-turkey-fintech", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Safeguarding under Law No. 6493 requires e-money issuers to convert received funds into e-money without delay and to hold customer funds in segregated, blocked bank accounts at Law No. 5411 banks during the term of use, separate from the institution's own assets. PIs/EMIs must additionally deposit minimum security amounts with the CBRT (tiered by activity). Institutions are activity-restricted to permitted payment/e-money services. Conduct is governed by framework agreements with users, KVKK data-protection obligations, mandatory data localisation within Türkiye, and MASAK AML reporting. The CBRT supervises, audits, and can suspend or revoke licences.", "findings": [ { "finding": null, "instrument_type": "safeguarding_mechanism", "source": "https://www.admdlaw.com/payment-security-settlement-systems-and-e-money-insutitions-in-turkey/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "minimum_security", "source": "https://cms.law/en/tur/legal-updates/turkey-s-central-bank-adopts-new-secondary-legislation-on-payment-services-and-e-money", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "conduct_localisation", "source": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/turkey/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_framework", "source": "https://www.bicakhukuk.com/en/sanctions-liabilities-in-turkeys-electronic-payment-law/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w2-stablecoins-digital-money", "standing_position": "Crypto-as-payment banned since Apr 2021; CASPs regulated under Law No. 7518 (Jul 2024); no MiCA-equivalent stablecoin category; Digital TL CBDC pilot phase one complete.", "findings": [ { "finding": null, "instrument_type": "stablecoin_classification", "source": "https://practiceguides.chambers.com/practice-guides/blockchain-2025/turkey/trends-and-developments", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "primary_law", "source": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/turkey-turkiye/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "crypto_payment_ban", "source": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/turkey/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "cbdc_pilot", "source": "https://practiceguides.chambers.com/practice-guides/blockchain-2025/turkey/trends-and-developments", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory_split", "source": "https://www.lightspark.com/knowledge/is-crypto-legal-in-turkey", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w3-operational-resilience-critical-infrastructure", "standing_position": "Operational resilience for Turkish payments draws on the CBRT's information-systems communiqué for PIs/EMIs and the BDDK's 2020 banking IT regulation (Regulation on Banks' Information Systems and Electronic Banking Services). Institutions must run annual information-systems risk assessments, submit reports to the CBRT by end-January, notify the KVKK board and customers of cyber incidents, and use independent auditors for IT systems. Türkiye mandates strict authentication (universal 2FA, an SMS-OTP ban for mobile banking), data localisation, and real-time incident reporting; cybersecurity oversight is shared among BDDK, CBRT and a Cybersecurity Authority empowered under Law No. 7545 (2025). Core RTGS/instant-payment infrastructure is CBRT-developed and self-assessed against BIS-IOSCO PFMI.", "findings": [ { "finding": null, "instrument_type": "incident_reporting", "source": "https://cms.law/en/tur/legal-updates/turkey-s-central-bank-adopts-new-secondary-legislation-on-payment-services-and-e-money", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "authentication_standards", "source": "https://www.corbado.com/blog/turkey-financial-regulations-authentication", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "multi_agency_oversight", "source": "https://www.corbado.com/blog/turkey-financial-regulations-authentication", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "pfmi_resilience", "source": "https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Core+Functions/Payment+Systems/Payment+Systems+in+Turkey/Electronic+Fund+Transfer+System+and+Electronic+Securities+Transfer+System", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w4-scheme-network-compliance", "standing_position": "Card-scheme infrastructure runs through the Interbank Card Center (BKM), a non-profit jointly owned by the CBRT (controlling stake since April 2020) and banks, which operates the domestic card authorisation/clearing switch, the local 3DS ACS, the BKM Express wallet and the domestic Troy card scheme. Visa and Mastercard dominate alongside Troy (~25M cards in 2026, with Discover/Diners reciprocal acceptance abroad). PCI DSS and 3D Secure 2.2 are enforced; the TR QR Code (TR Karekod) is the national QR standard. Card clearing settles on a deferred net basis (e.g. T+2 via Gosas for member banks). PSPs must share payment infrastructure with other PSPs on request under Article 8 of the Payment Services Regulation.", "findings": [ { "finding": null, "instrument_type": "scheme_operator", "source": "https://cundoglu.medium.com/real-time-payments-in-turkey-9aea211e98cd", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "infrastructure_access", "source": "https://legalblogs.wolterskluwer.com/competition-blog/a-primer-on-payment-services-in-turkiye-competition-cooperation-and-confrontation/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "scheme_standards", "source": "https://www.zunapro.com/turkey/en/blog/payment-systems-ecommerce-turkey", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "clearing_settlement", "source": "https://cashmanagement.bnpparibas.com/atlas-countries/turkey", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "domestic_scheme", "source": "https://en.wikipedia.org/wiki/Troy_(card_scheme)", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w5-payment-corridor-dynamics", "standing_position": "Domestic rails centre on the CBRT-owned FAST instant-payment system (launched January 2021, 24/7, sub-second settlement in central-bank money) with BKM-run overlay services (KOLAS easy-addressing, TR QR Code), plus the EFT (BPS/RPS) and ESTS RTGS systems. Cross-border settlement flows through correspondent banking and Visa/Mastercard rails; FAST currently operates within national boundaries with cross-border interoperability under exploration. Türkiye is a large remittance and e-export corridor; PayU/iyzico explicitly position Türkiye as a bridge between CEE and Africa for local-currency cross-border trade. International digital wallets (PayPal, Apple Pay, Google Pay) are not permitted to operate domestically.", "findings": [ { "finding": null, "instrument_type": "instant_rail", "source": "https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Core+Functions/Payment+Systems/Payment+Systems+in+Turkey/Electronic+Fund+Transfer+System+and+Electronic+Securities+Transfer+System", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "rail_architecture", "source": "https://fastpayments.worldbank.org/sites/default/files/2023-05/World%20Bank_FPS_FAST%20Turkey_Final.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "addressing_overlay", "source": "https://cashmanagement.bnpparibas.com/atlas-countries/turkey", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor_linkage", "source": "https://www.amadeuscapital.com/global-fintech-giant-payu-acquires-turkeys-leading-fintech-company-iyzico-in-a-165-million-investment/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w6-industry-structure-commercial-dynamics", "standing_position": "Türkiye's payments market is large and fast-growing — 110M+ active cards and ~86 licensed payment/e-money institutions in 2024, with combined PI/EMI transaction volume around TRY 5 trillion (vs ~TRY 120 trillion for banks). The structure blends bank-owned utilities (BKM, Troy) with a deep fintech layer: major acquirers/PSPs include PayTR, iyzico (Prosus/PayU-owned), Param, Stripe Turkey, and marketplace wallets (Trendyol Cüzdan, HepsiPay). Neobank/embedded-finance players Papara (a unicorn) and ColendiBank (BDDK-licensed 2024) are scaling. Fintech led Turkish startup investment in 2025 with a record ~$219.7M raised, and Sipay (valuation ~$875M) bills itself as Türkiye's largest fintech.", "findings": [ { "finding": null, "instrument_type": "market_shape", "source": "https://www.zunapro.com/turkey/en/blog/payment-systems-ecommerce-turkey", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_size", "source": "https://www.nortonrosefulbright.com/en/knowledge/publications/0343df19/doing-business-in-turkey-fintech", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "investment_trend", "source": "https://fintechmagazine.com/fintech/why-is-fintech-dominating-the-turkish-start-up-ecosystem", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "concentration_shift", "source": "https://fintechnews.ae/29780/turkey/turkeys-leading-fintech-startups/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Assessed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/turkey/#w7-legal-litigation", "standing_position": "2025 AML/financial-crime crackdown on payment companies ahead of FATF on-site; Law No. 6493 Arts 27-40 enforcement framework; Competition Board PF/bank acquiring disputes.", "findings": [ { "finding": null, "instrument_type": "enforcement_wave", "source": "https://www.paturkey.com/news/2025/fatf-inspection-behind-turkeys-wave-of-money-laundering-raids-sources-say-25187/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "sanctions_framework", "source": "https://www.bicakhukuk.com/en/sanctions-liabilities-in-turkeys-electronic-payment-law/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "competition_litigation", "source": "https://legalblogs.wolterskluwer.com/competition-blog/a-primer-on-payment-services-in-turkiye-competition-cooperation-and-confrontation/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "criminal_penalty", "source": "https://www.legal500.com/developments/thought-leadership/the-legal-regime-of-crypto-assets-in-turkey-and-the-role-of-regulatory-institutions/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring is conducted by banks and CBRT-licensed payment facilitators/PIs; the Turkish Competition Board treats PFs and banks as competitors in this market while PFs depend on banks' POS access. Dispute/chargeback handling is centralised through BKM, which operates a standardised central chargeback system, and consumer-favourable rules (aligned with EU standards) place the burden of proving transaction authenticity on merchants. 3D Secure 2.2 and a deep installment (taksit) culture shape acquiring economics. iyzico (Prosus/PayU), PayTR, Param and Stripe Turkey are leading acquirers; iyzico cites buyer-protection services securing over 4 million consumer transactions.", "findings": [ { "finding": null, "instrument_type": "chargeback_framework", "source": "https://stripe.com/resources/more/payments-in-turkey", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "acquiring_market", "source": "https://legalblogs.wolterskluwer.com/competition-blog/a-primer-on-payment-services-in-turkiye-competition-cooperation-and-confrontation/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "acquirer_operations", "source": "https://startupintros.com/orgs/iyzico", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "onboarding_risk", "source": "https://www.zunapro.com/turkey/en/blog/payment-systems-ecommerce-turkey", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w9-product-innovation-market-development", "standing_position": "Open banking is being built out through BKM's GATE infrastructure under CBRT authority, with Payment Initiation and Account Information Services (the ÖHVPS/DSSP framework) defined under Article 12 of Law No. 6493; certification (HHS/YÖS) deadlines were rescaled to a December 2025 ÖHVPS 2.0 transition, and the March 2025 amendment narrowed the connection obligation. Digital wallets were brought into the licensing perimeter (compliance deadline extended to 31 December 2025), with interoperable card-on-file treated as wallet/open-banking services. The CBRT runs the Digital Turkish Lira CBDC pilot, and instant-rail/QR products (FAST, TR Karekod, KOLAS) plus BNPL (Colendi, Garanti Pay) are expanding.", "findings": [ { "finding": null, "instrument_type": "open_banking", "source": "https://bkm.com.tr/en/products-and-services/data-sharing-services-in-the-field-of-payment/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "digital_wallet_regime", "source": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/turkey/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "certification_timeline", "source": "https://architecht.com/en/corporate/blog/technology/open-banking-and-its-current-situation-in-turkiye/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "cbdc_innovation", "source": "https://practiceguides.chambers.com/practice-guides/blockchain-2025/turkey/trends-and-developments", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection rests on Türkiye's Consumer Protection Law (consumer-favourable, broadly EU-aligned) plus the CBRT payment-services conduct rules and KVKK data protection. Card-dispute/chargeback handling is centralised through BKM, with merchants bearing the authenticity burden. Türkiye has no dedicated UK-style mandatory APP-fraud reimbursement scheme; instead fraud control operates at system level — the CBRT mandates fraud controls through FAST instructions and the Security Overlay Service (SIPER) for risk-data sharing, plus a centralised Merchant Registration System and transaction monitoring. Universal 2FA and the SMS-OTP ban harden consumer authentication.", "findings": [ { "finding": null, "instrument_type": "consumer_protection_law", "source": "https://stripe.com/resources/more/payments-in-turkey", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "fraud_controls", "source": "https://www.lightspark.com/knowledge/instant-payments-turkey", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "authentication_protection", "source": "https://www.corbado.com/blog/turkey-financial-regulations-authentication", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "centralised_disputes", "source": "https://stripe.com/resources/more/payments-in-turkey", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w11-aml-cft-financial-crime", "standing_position": "MASAK FIU; FATF grey-list exit 28 Jun 2024 (R.15 partially compliant); crypto Travel Rule fully in force; late-2025 on-site inspection over residual payments-sector gaps. Sentinel-fed.", "findings": [ { "finding": null, "instrument_type": "sentinel.supervision_gaps", "source": "https://www.paturkey.com/news/2025/fatf-inspection-behind-turkeys-wave-of-money-laundering-raids-sources-say-25187/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "AML/CFT regime built on Law No. 5549, MASAK as FIU with broad real-time data access, and a 2018 National Risk Assessment. Turkey exited the FATF grey list in June 2024 after enhanced follow-up since its 2019 MER; only Recommendation 15 (virtual assets) remains partially compliant. MASAK is gaining new crypto/bank account-freeze powers; CMB is building a VASP licensing regime.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Turkey (Türkiye)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: OFAC listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: OFAC — Six Turkey-based CNC machine-tool firms and linked individuals (Megasan, SSGCTM, Hidropark, AYTT, Minyon, et al.)", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-001)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Sanctions: national divergence", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-004)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Enforcement: US DOJ — Türkiye Halk Bankasi AS (Halkbank)", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Enforcement: European Union (Council) — Turkey-based third-country suppliers among 60 entities under tightened export restrictions", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-006)", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w12-correspondent-banking-settlement-access", "standing_position": "Wholesale and correspondent-related settlement runs through the CBRT's EFT systems — interbank payments and banks' international correspondent transactions settle in the Turkish Lira Interbank Payments System (BPS), customer payments in the Customer Payments System (RPS) — with ESTS for securities, all open to banks operating in Türkiye and benchmarked against BIS-IOSCO PFMI. Cross-border card flows clear via BKM or correspondent banking. Although Türkiye was removed from the FATF grey list in June 2024, international banks that imposed enhanced due diligence during the 2021-2024 listing continue to apply elevated scrutiny, so Turkish counterparties face higher documentary requirements and residual de-risking pressure in cross-border transactions.", "findings": [ { "finding": null, "instrument_type": "settlement_access", "source": "https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Core+Functions/Payment+Systems/Payment+Systems+in+Turkey/Electronic+Fund+Transfer+System+and+Electronic+Securities+Transfer+System", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "de_risking_pressure", "source": "https://www.businessdataguide.com/blog/jurisdictions/turkey-company-search-guide", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "card_settlement_routing", "source": "https://cashmanagement.bnpparibas.com/atlas-countries/turkey", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor_research", "source": "https://cepr.org/voxeu/columns/impact-de-risking-correspondent-banks-international-trade", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/turkey/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity led by iyzico/Paynet $87M close, Midas $80M Series B (QED), ColendiBank launch and record ~$219.7M 2025 fintech funding.", "findings": [ { "finding": null, "instrument_type": "commercial_event", "source": "https://www.crowdfundinsider.com/2025/02/236395-turkish-fintech-firm-iyzico-completes-87m-paynet-acquisition/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.dailysabah.com/business/tech/fintech-gaming-lead-turkiyes-startup-investments-in-2025", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://assets.kpmg.com/content/dam/kpmg/tr/pdf/2025/11/Turkish%20Startup%20Investments%20Q3%202025.pdf", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://fintechnews.ae/29780/turkey/turkeys-leading-fintech-startups/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://fintechnews.ae/29780/turkey/turkeys-leading-fintech-startups/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }