RELEASE: PayFix Supports Turkey's Path to Become a Fintech Hub


RELEASE: PayFix Supports Turkey's Path to Become a Fintech Hub

ISTANBUL, Aug. 23, 2023 /PRNewswire/ -- PayFix Chairman of the Board and TÖDEB Board Member Erkan Kork recently shared his insights on developments in Turkey's fintech sector and the future of the fintech industry.

Erkan Kork, Chairman of the Board of PayFix, noted: "The main trends shaping the global fintech sector have been identified as: the rise of digital banks, personalized financial services through artificial intelligence and machine learning, the increase in mobile and cryptocurrency payments, regulatory compliance through "Regtech", the digital transformation of the insurance sector, the creation of "Financial Health Platforms", the global growth of fintech companies, the accessibility of fintech people outside of traditional financial services and increasing investments in security and privacy."

In addition, Erkan Kork focused his attention on Turkey's place in the global fintech scene, emphasizing its progress to become a regional fintech hub. He stated: "This progress is attributed to the interest of a young and tech-savvy population in mobile banking and digital financial services, government regulations, investments from local and foreign investors, a focus on fintech education, and the strategic location of Turkey for financial transactions in the region."

However, Erkan Kork noted that in order to become a global fintech hub, Turkey still faces some challenges. He described these challenges as "the need for inclusive and non-punitive regulations, increased investment in early-stage projects, overcoming the lack of expertise and manpower in the fintech space, addressing the lack of necessary technology infrastructure, and simplifying regulatory processes and licensing for approval processes for new fintech companies."

Despite these challenges, Erkan Kork emphasized: "Turkey is on the verge of becoming a global fintech hub. With the right support, these shortcomings can be overcome, and with the right strategies, these weaknesses can be turned into opportunities." In addition, he expressed his confidence in the potential of the Turkish fintech sector, noting that "with its young population and the right support and strategies, Turkey can establish itself as a fintech hub."

By promoting its slogan of "next generation payments", PayFix stands as one of the pioneering institutions contributing to Turkey's journey to become a global fintech base. With over 2 million users, it serves as a digital wallet for millions and continuously supports Turkey's digital transformation.

Erkan Kork highlighted his investments in the fintech sector and finally commented: "The growth of this sector will be of vital importance for the Turkish economy."

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