Introduction
In today’s rapidly digitalizing world, one of the most important topics in the financial technology (fintech) sector is electronic money (e-money) and payment services. Online shopping, mobile payments, digital wallets, and international money transfers now offer strong alternatives to traditional banking. In Turkey, the legal regulation and supervisory authority for this sector is the Banking Regulation and Supervision Agency (BDDK).
In this article, we will explain in detail what the BDDK electronic money license is, who can obtain it, what the requirements are, and the advantages and obligations of licensed institutions.
What is Electronic Money?
Electronic money is defined in the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions. According to the law:
- Electronic money is a monetary value stored digitally or prepaid.
- It is issued in exchange for banknotes or coins.
- It can be used for payment transactions.
- It is accepted as a means of payment by parties other than the issuer.
Examples in Turkey include Papara, Paycell, ininal, fastPay, which operate under a BDDK license.
What is the BDDK Electronic Money License?
The electronic money license is the official authorization that allows a company to issue electronic money and provide payment services.
With this license, BDDK ensures that institutions operate in a manner that is:
- Safe,
- Transparent,
- Customer-oriented,
- Fully integrated into the financial system.
Electronic money institutions are subject to strict supervision and regulations under BDDK.
Requirements for Obtaining an Electronic Money License
1. Minimum Capital Requirement
- For payment institutions: at least 25 million TRY,
- For electronic money institutions: at least 50 million TRY paid-in capital is required.
2. Corporate Structure
- Must be established as a joint-stock company (A.Ş.).
- Shares must be registered shares (nama yazılı).
- Shareholders and managers must meet BDDK’s reliability and integrity criteria.
3. Management Team
- The board of directors must include members experienced in finance, law, and technology.
- The general manager must be a university graduate with at least 10 years of experience in the financial sector.
4. Technical Infrastructure & Security
- IT systems must comply with data protection and cybersecurity standards.
- Customer data must be stored within Turkey.
- Outsourcing is limited and subject to BDDK approval.
5. Internal Audit and Compliance
- Companies must establish internal control, risk management, and compliance units.
- Compliance with AML (Anti-Money Laundering) laws and MASAK regulations is mandatory.
Electronic Money Licensing Process
- Preparation of Application File
- Company articles of association, capital documents, shareholder structure, technical infrastructure reports.
- Preliminary Review by BDDK
- BDDK checks the completeness of the application.
- Detailed Examination
- Management team, financial adequacy, risk management, and IT infrastructure are carefully reviewed.
- License Approval
- If approved, the company receives an electronic money license.
- Before starting operations, the institution must also notify the Central Bank of the Republic of Turkey (CBRT/TCMB).
Rights of Licensed Institutions
Once licensed, electronic money institutions can:
- Issue electronic money,
- Provide digital wallet services,
- Carry out money transfer and remittance operations,
- Develop payment instruments (e.g., prepaid or virtual cards),
- Provide mobile and online payment solutions,
- Offer virtual POS and merchant payment services.
Obligations of Licensed Institutions
Licensed institutions are strictly regulated and must fulfill certain obligations:
- Client funds security: Customer deposits must be kept separate from the company’s own accounts.
- Regulatory reporting: Regular reports must be submitted to BDDK and MASAK.
- Data protection: Customer information must be handled in compliance with KVKK (Turkish Data Protection Law).
- Capital adequacy: Companies must continuously meet the minimum capital requirement.
Advantages of the BDDK Electronic Money License
- Legal protection: Customers feel safer as the company is supervised by BDDK.
- Market competitiveness: Licensed institutions gain a stronger reputation and trust.
- Investor confidence: Domestic and foreign investors prefer companies operating under official licenses.
- Scalability: Licensed companies can form partnerships and expand their services more easily.
Future of Electronic Money in Turkey
Turkey has a young population and a high digital adoption rate, making it a promising market for electronic money. Developments such as:
- FAST System (Instant Payment System),
- QR Code payments (TR Karekod),
- Integration with cryptocurrency payment channels,
- Growing foreign fintech investments,
indicate that the market will continue to grow rapidly.
Conclusion
The BDDK electronic money license is one of the most crucial elements of Turkey’s fintech ecosystem. Licensed institutions provide innovative, safe, and regulated services to both individuals and businesses.
As digital payment solutions expand, the importance of licensed electronic money institutions will only increase. With its regulatory framework, Turkey aims to position itself as a regional hub for fintech and digital payments, and the BDDK license will play a central role in achieving this goal.
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