Open Banking in Turkey

In Progress

Turkey is implementing open banking through CBRT and BRSA regulations, with banks developing APIs for account information and payment initiation services.

Key Facts

Approach

Regulated

Regulatory Body

Central Bank of the Republic of Turkey (CBRT) / Banking Regulation and Supervision Agency (BRSA)

Key Legislation

CBRT Open Banking Regulation / BRSA Guidelines

Topics

Open Banking

API Adoption

Regulatory framework established; bank implementation ongoing

Internet Penetration

83%

Data Scope

Account information, Payment initiation, Balance inquiries

Timeline

2019Turkey publishes open banking regulation requiring banks to provide APIs for licensed payment service providers

2022CBRT continues developing technical standards; banks begin implementing open banking APIs

2023Implementation progresses with focus on payment initiation and account information services

Standards & Specifications

CBRT Open Banking API Standards (in development)

Open Finance in Turkey

Turkey published open banking regulations in 2019, requiring banks to provide APIs for licensed payment service providers. The Central Bank of the Republic of Turkey (CBRT) and the Banking Regulation and Supervision Agency (BRSA) jointly oversee the framework.

Turkey has a large, young population with high mobile phone penetration, creating strong demand for digital financial services. The banking sector, including major institutions like Garanti BBVA, İş Bankası, and Akbank, is technically sophisticated and has invested in digital transformation.

Implementation has progressed with focus on payment initiation and account information services. Turkey's FAST instant payment system and growing fintech ecosystem complement the open banking initiative. The regulatory framework continues to evolve as implementation challenges are addressed.

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