Turkey has implemented a comprehensive open banking framework, mandating that all banks and payment institutions enable API-based access through the Interbank Card Center (BKM) platform. Over 200 fintech businesses and banks connect through BKM Express, Turkey's multibank cashless payment platform. The regulatory framework, updated through the March 2025 regulation, creates standardized data sharing and payment initiation capabilities that enable third-party fintech innovation.
Turkey's fintech ecosystem has grown rapidly, driven by a young, tech-savvy population (median age ~31), high smartphone penetration, and the practical need for digital financial services in a high-inflation environment where speed of transaction matters. The FAST instant payment system provides the settlement backbone, while open banking APIs enable a growing ecosystem of digital wallets, budgeting apps, lending platforms, and embedded finance solutions.
The strategic context is Turkey's position as a financial bridge between European and Middle Eastern banking systems. Turkish banks already serve significant cross-border corridors with Russia, Central Asia, and the Middle East. Open banking infrastructure positions Turkey's fintech sector to develop solutions for these corridors — remittances, trade finance, and cross-border payments — potentially creating regional fintech champions that serve markets underserved by Western financial technology providers.