Türkiye presents a valuable opportunity for companies operating in the open banking sector due to its business-friendly infrastructure that enables numerous banking and finance services to be offered through a single application.
With a current global market size of $10 billion, open banking is predicted to grow by 24 percent annually until 2027, in turn exceeding a total value of more than $50 billion. In this regard, open banking has become a critical item on the agenda for every player in the banking and finance ecosystem, including banks and the institutions responsible for intermediate payments.
The Turkish banking sector, which achieved TRY 60 billion net profit by recording 26.5 percent growth in 2020, despite the adverse global market conditions, candidly promotes open banking; paving the way for its development. "The Regulation on the Information Systems of Banks and Electronic Banking Services," which defines the concept of Open Banking in Türkiye was published in the country’s Official Gazette on March 15, 2020.
The IFC not only offers access to a large, youthful domestic market and talent pool, the center also provides a gateway to multifaceted international markets that require complex open banking services. Furthermore, the IFC has been purposefully designed to promote innovation and cooperation between companies operating in the sector.