Finance Office Vice President Necip Fazıl Kaymak Attended “İstanbul Fintech Week”

The 4th İstanbul Fintech Week, of which the Financial Innovation and Technology Association (FINTR) is the main supporter, was held in İstanbul on 13-14 April 2023. The event that aims to create a global venue of discussion and knowledge exchange environment for the ever-changing financial services industry, brought together the leading names of the industry with 3 different summits and more than 50 sessions this year.

Finance Office Vice President Necip Fazıl Kaymak, who gave the keynote speech of the “Pioneers of Digital Finance Awards” award ceremony on 14 April 2023, made evaluations about the present and future of the Turkish fintech industry. In the “Pioneers of Digital Finance” award ceremony that held in partnership of KPMG – FINTR, Mr. Kaymak delivered the “Pioneer Global Fintech” award to United Payment.

“While 69 million dollars were invested in fintech companies in 2021, this amount reached 89 million dollars in 2022”

Expressing that fintech investments hit the record in 2022, Vice President Necip Fazıl Kaymak said, “While 69 million dollars were invested in fintech companies in 2021, this amount reached 89 million dollars in 2022. So far, 195 investment rounds have been made in the Turkish fintech sector, and a total investment amount of 263 million dollars has been reached. In 2022, new Venture Capital Company (VC) and funds invested in the sector for the first time. We foresee that the number of companies and funds investing in the ecosystem will increase in the coming period”.

According to March 2023 data, Mr. Kaymak stated that there are 752 fintech companies, 650 of which are active, in Türkiye and the most popular verticals in the field of fintech are payments with 256 companies, banking technologies with 95 companies and crypto assets/blockchain areas with 93 companies.

“One of our top priorities is that our country be among the most important and leading countries in the world in the field of financial technologies”

Referring to the steps taken by Finance Office to revive the fintech sector and develop the ecosystem in his keynote speech, Mr. Kaymak said, “One of our top priorities is that our country be among the most important and leading countries of the world in the field of financial technologies. In recent months, we have completed the company establishment of İstanbul Finance and Technology Base, our fintech themed technopark, which will operate in the İstanbul Financial Center. We are rapidly continuing our efforts to put the Technopark into operation, for which strategy and business plans have been created. The “FinTech Hub Türkiye” project, which will bring fintech entrepreneurs together on an online platform, will have an important socialization function that each fintech company can participate in. The development of the Hub has reached its final stage and we will share the details with the public soon”.

Referring to another study of Finance Office, Mr. Kaymak emphasized that they shared the new version of the State of Fintech Ecosystem in Türkiye, which provides developments and data on the fintech sector with an up-to-date and accurate manner. Mr. Kaymak said “As another study in the field of financial technologies, we have the Türkiye Fintech Guide. This guide provides a comprehensive roadmap for the fintech ecosystem. This roadmap, which we have shared regarding the regulated fintech verticals in particular, includes the key indicators of the process of establishing a fintech and contains detailed information about the legislative infrastructure. We have received very positive feedback from the industry regarding our studies”.