Payment and Electronic Money Institutions Association was Officially Established

The main statute determining the duties, powers and working principles of the Turkish Payment and Electronic Money Institutions Association, Official GazetteIt was published in the issue dated June 28, 2020. Accordingly payment institutions with electronic money institutionsThey will become members of the union within one month following the date the union becomes operational. 

The union, headquartered in Istanbul, was established to meet the needs of its members, facilitate their professional activities, ensure that they work in solidarity, protect their economic interests and develop in professional matters, prevent unfair competition and contribute to the expansion of the payment area.

In order to ensure the development of the profession education promotion And research in its activities The Turkish Payment and Electronic Money Institutions Association, which will be established, will ensure that its members work in accordance with their needs in the discipline and unity required by the profession. The Union will take and implement all necessary measures in order to prevent unfair competition among its members and will determine the principles and conditions to be followed by the announcements and advertisements.

According to the decision of the President published in the Official Gazette, payment and electronic money institutions that will operate in Türkiye must be authorized within one month from the date they receive an operating permit. Turkish Payment and Electronic Money Institutions AssociationThey will be obliged to apply to become a member. 

The board of directors, whose term of office is determined as two years, will consist of 13 full and 3 substitute members to be elected by the general assembly. Members whose terms of office have expired may be candidates again. The Union shall not impose disciplinary punishment other than warnings and reprimands. 1.000 to 10,000 TL may impose fines ranging from . The first general assembly meeting of the Turkish Payment and Electronic Money Institutions Association is expected to be held within two months. 

relevant WebrazziMaking a statement to , Ödeal CEO Fevzi Güngör said: "This is a decision that will pave the way for the sector. First of all, it is very important that all organizations in the sector come together on one platform. The general approach of the CBRT is a cornerstone for the sector as it will make sectoral regulations together with the sector. Finally, it was necessary for the sector to have a medium with a legal basis for its self-regulation. It is very appropriate to fill this gap." he said.

"Everything we dreamed of 9 years ago and started working on comes into our lives this year. Following the transfer of Law No. 6493 to the CBRT, which has been carrying out serious work especially in the field of open banking and PSD2 for several years, the establishment of the Turkish Payment and Electronic Money Institutions Association will bring radical changes. First of all, in a world where intermediaries have disappeared one by one, we have not been able to build anything more than payment institutions that can act only as intermediaries and brokers. When I look back, I see that there are many opportunities we missed in this sense. Even though I am here, all these opportunities are now waiting for us and everyone we touch.” Emre Güzer, CEO of Mobilexpress and one of the founding members of ÖDED, continued his words as follows:

"The fact that the Turkish Payment and Electronic Money Institutions Association is not included under the already operating Financial Institutions Association is also a representation of the trust in us on this issue. The future for non-banking financial technology initiatives is now more open than ever. I would like to thank everyone who contributed to the issue."