BRSA Will Issue Licenses for Digital Banking

BRSA will issue licenses for digital banking. Digital (Branchless) Banking is spreading around the world.

In recent years, when digitalization has accelerated and financial technologies have become widespread, the branchless digital banks, whose name has been heard especially in Europe and the Far East, will also be operational in Turkey. According to the Economic Reform Package announced by President Recep Tayyip Erdogan, Digital (Branchless) Banking licenses will also be allowed in Turkey in the upcoming period. In the new process, the way will be paved for the establishment of banks that will only serve in the digital environment without the amendment to be made in the Banking Law No. 5411. The system in question will contain different features than the internet and mobile banking used by banks in their advertisements.   BRSA Prepared the Required Infrastructure Regulation According to the information that Bloomberg HT obtained from sources close to the subject, BRSA has completed the arrangement of the technology infrastructure required for Digital (Branchless) Banking. According to the information in the news of Bloomberg HT, the values ​​of the rapidly spreading digital banks in the world are also increasing rapidly. According to data from CB Insights, the value of the 10 most valuable new generation banks reached $ 36 billion 950 million in August 2020. Among these banks, the ones with the highest market value are Nubank with $ 10 billion, Chime with $ 5.8 billion, Revolut with $ 5.5 billion and SoFi with $ 4.8 billion.       Source: Bloomberg HT