Finance
Payment and Electronic Money Institution
Central Bank operating licence for payment services and electronic money issuance under Law No. 6493.
- Regulator
- Central Bank of the Republic of Türkiye
- Required company form
- Joint stock company
- Sector
- Finance
- Licensing time
- 9–18 months
Providing payment services or issuing electronic money requires authorisation from the Central Bank of the Republic of Türkiye under Law No. 6493. The application is a comprehensive process assessing capital adequacy, transparency of the shareholding structure, an information systems audit report, a business plan with three-year financial projections, and the corporate governance structure together. The capital and obligation differences between a payment institution and an electronic money institution must be chosen correctly from the outset, based on the business model.
Requirements
- Incorporation as a joint stock company with shares registered in name
- Cash payment of the minimum paid-up capital set for the activity type
- Qualified shareholders meeting financial strength and reputation conditions
- An information systems management audit report from an independent audit firm
- Establishment of AML compliance, internal control, risk management and internal audit structures
- Procedures for a fund protection account and segregation of customer funds
Let's start with a conversation
In a free 30-minute call, let's clarify which company structure and which incentives fit you. Non-binding, but useful.