Skip to main content

Turkish fintech seeks Qatari investment

The financial technology sector in Turkey has grown significantly, and is looking to Qatar for further expansion.
INDRANIL MUKHERJEE/AFP via Getty Images

Turkish fintech companies met with Qatari investors this week in a webinar. The Turkish presidency’s finance office organized the event along with the private Qatar Financial Center on Feb. 23-24, Turkey’s official Anadolu Agency reported today. 

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

Three Turkish banks affiliated with Turkey’s Participation Banks Association and 20 Turkish fintech companies gave presentations. The Qatari side included representatives from the Qatar Development Bank and its Qatar FinTech Hub. "Participation banks" practice Islamic finance. 

Why it matters:  Turkey’s fintech sector has grown significantly in recent years. In 2012, fintech investments in Turkey amounted to just $4.6 million. In 2016, the figure grew 175% to $29 million, according to a 2017 report from the consultancy firm Deloitte. Annual fintech investment increased to $64 million in 2021, according to Anadolu. 

More than 400 fintech startups have been founded in Turkey. The majority of them are focused on payment systems, according to Switzerland Global Enterprise, an affiliate of the Swiss government. 

What’s next:  Murat Ali Cengelci, vice president of the finance office said the body is encouraging Islamic banks to embrace new technology. The office will hold similar webinars in the near future, according to Anadolu. 

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

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

Already a Member? Sign in

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial