Turkish fintech seeking Qatari investment

Turkish fintech companies met with Qatari investors this week in a webinar. The Finance Office of the Turkish Presidency organized the event together with the Qatar Private Financial Center on February 23-24, Turkey’s official Anadolu Agency reported today.

Financial technology, or fintech, includes activities such as digital banking and trading stocks and cryptocurrencies on mobile devices.

Three Turkish banks affiliated with the Turkish Association of Participatory Banks and 20 Turkish fintech companies made presentations. The Qatari side included representatives from Qatar Development Bank and its Qatar FinTech Hub. “Participatory banks” practice Islamic finance.

Why is it important: The Turkish fintech sector has grown considerably in recent years. In 2012, fintech investments in Turkey amounted to just $4.6 million. In 2016, that figure rose 175% to $29 million, according to a 2017 report by consulting firm Deloitte. Annual investment in fintech has risen to $64 million in 2021, according to Anadolu.

More than 400 fintech startups have been founded in Turkey. The majority of them focus on payment systems, according to Switzerland Global Enterprise, a subsidiary of the Swiss government.

And after: Murat Ali Cengelci, vice president of the finance bureau, said the body is encouraging Islamic banks to adopt new technologies. The office will hold similar webinars in the near future, according to Anadolu.

Qatari banks are a natural partner for Turkish fintech companies due to the close relationship between Qatar and Turkey.

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