The Central Bank of the Republic of Turkey (CBRT) has granted operating licenses to Hayhay Electronic Money and Payment Services Inc. and Turkish Airlines Electronic Money and Payment Services Inc. as electronic money institutions.
According to the decision published in the Official Gazette, Hayhay Electronic Money and Payment Services Inc. and Turkish Airlines Electronic Money and Payment Services Inc. have joined the list of institutions authorized to provide electronic money issuance services.
This decision was made under the Law on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions.
A New Era in the Electronic Money Sector
With these decisions by the CBRT, the electronic money and payment services sector in Turkey continues to expand. As new companies receive licenses and the scope of activities broadens, competition and innovative services in the financial technology ecosystem are expected to increase.
