1. Introduction
Financial technologies (FinTech) have transformed traditional banking, making financial services more accessible and user-friendly. Digital banks, which operate without physical branches, represent a new generation of fully online financial institutions. However, this innovation also requires a robust legal and regulatory framework. In Turkey, FinTech companies and digital banks are subject to strict rules, particularly in terms of licensing regimes and compliance with personal data protection laws (KVKK).
2. Licensing Requirements for FinTech Companies
a) Different Licenses Depending on Business Activity
FinTech startups in Turkey must obtain different licenses depending on the nature of their activities:
- Payment Institution License (under Law No. 6493)
- Electronic Money Institution License
- Digital Banking License (regulated by the Banking Law and BDDK regulations)
- Investment and Portfolio Management Licenses (regulated by Capital Markets Law)
These licenses are issued by relevant authorities such as the Banking Regulation and Supervision Agency (BDDK) or the Capital Markets Board (SPK).
b) Digital Banking License
In 2021, BDDK introduced a special licensing regime for banks that operate solely in the digital space. To obtain this license, a company must:
- Hold a minimum paid-in capital of TRY 1 billion,
- Submit a comprehensive business and IT plan,
- Establish robust internal control, information security, and risk management systems.
3. Compliance with the Personal Data Protection Law (KVKK)
FinTech companies and digital banks handle a high volume of personal and financial data, which places them under strict obligations set by the Law No. 6698 on the Protection of Personal Data (KVKK).
a) Data Controller Registration
- Entities must register with the Data Controllers’ Registry (VERBIS).
- They must clearly define the legal basis and purpose of each data processing activity.
b) Explicit Consent and Informing Obligations
- Users’ explicit consent must be obtained before processing or sharing personal data.
- Transparency is required: users must be informed about the type of data processed, the purpose, and their legal rights.
c) Data Security Measures
- Financial data may be classified as sensitive personal data, requiring high-level technical and administrative safeguards.
- Cybersecurity infrastructure and a clear breach notification mechanism are legally required.
4. Evolving Regulations and International Impact
- Turkey’s FinTech regulation is evolving rapidly. Guidelines from BDDK, SPK, and the Central Bank are regularly updated.
- EU directives such as PSD2 and GDPR influence Turkish regulatory approaches, especially in areas like open banking, API-based data sharing, and remote customer verification.
- Cross-border data transfers and international compliance standards are increasingly relevant for global FinTech companies operating in Turkey.
5. Conclusion
For FinTech companies and digital banks, building a strong legal foundation is not just a matter of regulatory obligation—it is also critical for investor trust and customer loyalty. From licensing processes to KVKK compliance and data security, professional legal guidance helps mitigate risks. In the competitive digital finance ecosystem, legal compliance and regulatory awareness are essential keys to sustainable success.
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