I am the screen face of the Finance Office of Presidency created by artificial intelligence. Financial technologies, namely "fintech", creates new expansions in the financial ecosystem and has made significant contributions to the financial stability, security and development of our country. The concept of fintech has become widespread in recent years and was introduced into Turkish by being included in the dictionary of the Turkish Language Association with the suggestions and guidance of Finance Office. In addition to financial technologies, there are many concepts and terms used in the fintech ecosystem and need to be defined when evaluated in terms of technologies and new business models.
The “Fintech Glossary”, which was created by Finance Office of Presidency to increase the knowledge and interest of the public in the field of fintech, which will provide reference to local and foreign investors, entrepreneurs and academic literature, is significant in terms of defining many concepts and terms in the field of financial technologies and increasing the financial literacy of the public. In today’s world, the artificial intelligence is developing rapidly so our glossary has been visualized and voiced with artificial intelligence in line with the vision of “National Technology Move” and “Digital Türkiye”. The content and scope of the study will be updated continuously depending on the new terms that will emerge with the advances in financial technologies and the new meanings attributed to these terms.
The glossary is voiced by an artificial intelligence character. As Finance Office, we continue working in a planned manner with the aim of leading the projects in the field of financial technology to artificial intelligence applications.
Open Banking: An approach that aims to share data of banks with third parties through application programming interfaces.
Open Finance: An approach where financial data is open to third parties within certain rules and open banking is implemented in a way that covers all of the financial sector stakeholders.
Blockchain: A network structure where users store encrypted data without the need for third parties and the data is updated through coding into blocks simultaneously in distributed centers.
Digital Banking: Only-digital delivery of banking services.
Digital Wallet: Electronic wallet that can be used as a payment instrument where bank and prepaid card information is stored.
Regulatory Sandbox: A structure that allows financial institutions and fintechs to conduct live experiments on newly developed products and services under the supervision of the regulatory authority before public release.
Fintech: The institution or product that offers financial services via innovative, complementary, and accelerating business models using digital technologies.
Embedded Finance: Offering financial products and services by non-financial institutions by integrating them into their products and services
P2P Lending: A type of financing that brings together borrowers and lenders on online platforms without the involvement of intermediary financial institutions.
Crowdfunding: A system that enables many investors to come together to fund a company, idea or project.
Cryto Assets: Assets which are developed through distributed ledger and blockchain technologies, stored in virtual environments via encryption and processed in a decentralized manner.
Central Bank Digital Currency: The blockchain-based digital currency issued by national central banks
Decentralized Finance: A finance ecosystem that is built on the blockchain without any connection to a centralized structure and includes financial services operating with smart contracts.
Non Fungible Token: Blockchain-based digital asset which is unique and not fungible.
Platform Banking: An approach where institutions, especially banks, offer nonfinancial services together with financial services on a platform.
Robo Advisory: A digital application which makes investment recommendations to and enables portfolio management for users.
Banking as a Service: A business model where non-bank institutions provide financial services to their customers by using the infrastructure and data of banks through APIs.
Insurtech: The institution or product that offers insurance services via innovative, complementary, and accelerating business models using digital technologies.
Buy Now Pay Later: A type of short-term financing in which payments for consumption expenditures can be pay at a future date, usually without interest.
e-KYC: A method used to verify the identity of their customers in digital environments in adherance to legal requirements.
Uygulama Programlama Arayüzü: İki uygulamanın belirli kurallar çerçevesinde bilgi alışverişi yapabilmesini sağlayan bağlantı arayüzüdür.
Dağıtık Defter Teknolojisi: Verilerin, herhangi bir merkezi otorite olmadan, sistemdeki katılımcılarda dağıtık olarak tutulduğu teknolojik yapılardır. Tüm blok zinciri platformları dağıtık defter teknolojileri alt kümesi olsa da dağıtık defter teknolojilerinin tümü blok zinciri değildir. Aralarındaki fark; verilerin ağdaki katılımcılar tarafından nasıl dağıtıldığı, doğrulandığı ve kaydedildiği ile ilgilidir.
Elektronik Para: Elektronik para ihraç̧ eden kuruluş̧ tarafından kabul edilen fon karşılığı ihraç̧ edilen, elektronik olarak saklanan, ödeme işlemlerini gerçekleştirmek için kullanılan ve elektronik para ihraç eden kuruluş dışındaki gerçek ve tüzel kişiler tarafından da ödeme aracı olarak kabul edilen parasal değerdir.
Ödeme Hizmetleri Direktifi: Ödeme Hizmetleri Direktifi, Avrupa Birliği’’ndeki ülkelerde faaliyet gösteren ödeme hizmeti sağlayıcılarına yönelik düzenlemeler içeren yasal kurallar bütünüdür.
Akıllı Sözleşmeler: Bir güven otoritesine ihtiyaç duymadan, kişiler veya kurumlar arasında yapılan ve şartları dağıtık defter teknolojileri protokolleri ile garanti altına alınmış anlaşmalardır. Anlaşma şartları blok zinciri doğrulama mekanizmaları vasıtası ile sağlandığında; yükümlülükler otomatik olarak yürürlüğe girer ve blok zinciri ağında kayıt altına alınır.