Can distributors with which it has agreements in Türkiye sell the electronic money issued by an electronic money institution established in Europe and licensed by the supervisory authority of its home country?
No. An institution that will issue electronic money in Türkiye must be a joint-stock company established in Türkiye and must obtain an operating license from the Board.
When is a distributor model possible?
Issuing electronic money is the business of an institution licensed in Türkiye. Selling a product issued by a foreign institution in Türkiye requires a license, as it would effectively mean that institution operating in Türkiye.
The options are usually: setting up your own company in Türkiye and getting licensed, partnering with a licensed local institution and offering its product, or becoming the agent of a local institution.
Which model to choose depends on the nature of the product and who will retain responsibility.
