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Laws & Regulations
No. An electronic money institution licensed under Law No. 6493 is a payment service provider, so it can carry out the payment services listed in the Law without a separate license.
Payment Institutions & E-Money
No. When applying, you must document that the company has 1 million TL of paid-in capital, paid in cash and free of collusion. The collateral is deposited with the CBRT only if the Board grants the license.
Laws & Regulations
No. An institution issuing electronic money in Türkiye must be a joint-stock company established in Türkiye and licensed by the Board, even if it already holds a license in its home country in Europe.
Laws & Regulations
In Türkiye, collecting payments requires a payment institution license and issuing e-money requires an e-money institution license. Article 28 of Law No. 6493 sets prison terms and fines for operating without one.
Payment Institutions & E-Money
Applications for electronic money and payment institution licenses have risen sharply with technology and digitalization, and obtaining the operating license can be the most tiring part. Here is where to find the application form.
Laws & Regulations
The information and documents required in license applications to provide payment services or issue electronic money in Türkiye are listed in the first and second paragraphs of Article 8 of the Regulation.
Payment Institutions & E-Money
The Law provides for judicial fines and prison sentences for people who act as a payment or electronic money institution without the required licenses, and for those who use names suggesting they do.
Open Banking
Under the communiqué, service model banking does not require a separate BRSA license, but the service bank must notify the BRSA in writing before signing a contract with an interface developer.
Payment Institutions & E-Money
No. As of the license application date, the internal control and risk management units must already be set up, with their staff, job descriptions, powers and responsibilities defined.
Payment Institutions & E-Money
A company that collects online payments through its own virtual POS and pays merchants on agreed dates is providing a payment service, and it needs a license from the Board unless an exemption applies.
Laws & Regulations
Yes. Payment institutions themselves cannot engage in commercial activities other than payment services, but their agents may continue their other commercial activities alongside the payment services.
Laws & Regulations
If a person with no prior direct or indirect stake in a payment institution acquires less than 10% of its capital, no approval is required. Acquiring 10% or more, or shares granting board nomination privileges, requires approval.