Financial technologies, which originally date back to the 1900s but also had recent breaking points such as the 2008 Global Financial Crisis and Covid-19 pandemic, have affected the creation of new perspectives towards the implementation of the global financial sector and contributed to the enhancement of fintech as it is understood today. The 2008 Crisis allowed the missing aspects in our monetary policies and financial architecture to become apparent; the Covid-19 pandemic helped us realize how far the technology had come, along with the benefits it could offer to the financial sector. As a result, financial technologies have emerged as a solution to improve the conventional financial system via a variety of alternatives. The importance of financial technologies has increased even more, especially because the goal of increasing access to finance and inclusiveness is among the Sustainable Development Goals of the United Nations, and this goal can be achieved effectively with financial technologies and innovations in this field.
The financial technologies sector has become a sector in its own right and is often called “fintech” as a combination of both concepts. The Turkish Dictionary defines fintech as "the institution or product that offers financial services via innovative, complementary, and accelerating business models using digital technologies. When evaluated in terms of related technologies and new business models, the concept of fintech goes well beyond crypto assets and blockchain and covers various technological developments, including artificial intelligence, cloud computing, the internet of things (IoT) and cyber security. These technologies are also integrated into the sub-categories of fintech, such as payment services, digital wallets, crowdfunding, and open banking.
Financial technologies have become one of the most important factors for financial institutions to achieve a competitive advantage. Countries with a weak fintech ecosystem will be straddled with a limited, slow-moving financial sector, and by utilizing conventional solutions, will be left behind in terms of global trends. The rapid rate of technological development directly impacts financial technologies, and, from the perspective of international competition, it needs to both be supported and regulated by governments in consideration of public interests and related risks.
As stated in Article 527 of the Presidential Decree No. 1, the Finance Office was entrusted with the task of "determining strategies for the development of the field of financial technologies, monitoring the implementation of the decisions taken within the scope of these strategies by the relevant public institutions and organizations, and reporting the results to the President." As the Finance Office, we prioritize our country's position among the world's leading countries in financial technologies and carry out studies. We are aware and conscious of the fact that the developments in the field of fintech not only help our country maintain its financial stability, security and development, but also affect the future of the financial ecosystem in terms of introducing new financial resources and seizing global opportunities. Among the main activities carried out by the Finance Office in the field of fintech are the following:
- National Fintech Strategy Document
- Türkiye Fintech Guide
- The State of Turkish Fintech Ecosystem
- FinTech Hub Türkiye
- Fintech Snapshot
- Fintech Ecosystem Periodic Survey
- International Organizations