Why are the Gulf and Turkish markets advantageous for the fintech sector?

Günsel Topbaş, Founding Partner of Manifest Executive Consultancy, stated the following regarding why the Gulf and Turkish markets are advantageous for the fintech sector:

“Our country is a very large market in terms of fintech. It’s a country of 80 million people. The banking sector is highly developed. Digitalization is very intense, and mobile usage is widespread. Such a country becomes a significant market under these conditions, and this market has provided a great environment for our own fintech companies, enabling their development. In this sense, compared to the smaller countries in the Gulf region, we can say we are ahead. The difference is that the high level of capital and liquidity in those countries allows these companies to receive higher investments and scale up.” Therefore, our fintech companies also need access to this capital and investment to expand their services globally, and in this sense, even if they don’t compete with or replace fintech companies in the Gulf – because there’s a place for everyone in this pie – they need to grow both in this region and in the wider geography that this region is expanding into, including Africa. We can say that Turkey is very strong in fintech. I also think there is mutual support between the Gulf and Türkiye in this sense. I am also in the Digital Assets Working Group of the Middle East North Africa (MENA) Fintech Association. For example, the Turkey section of this MENA Fintech Association was established very recently, just before this conference. This actually shows both the approach and the sympathy of fintech companies in that region towards their fintech partners in Türkiye.

Türkiye’s Fintech Potential

Turkey possesses significant potential in the fintech market. Its 80 million population, advanced banking sector, and intense digitalization make it a notable asset. With widespread mobile usage, the country has become a crucial market for fintech startups. Türkiye’s development in the fintech sector is also supported by its own domestically produced fintech solutions. This allows the country’s fintech ecosystem to grow and develop.

Türkiye’s Position in Global Competition

Compared to smaller countries in the Gulf region, Turkey is in a more advanced position in the fintech field. The capital and liquidity advantages of the Gulf countries allow fintech firms in these countries to receive higher investments and scale up. However, Turkish fintech firms also need access to this capital and investment to expand their services globally.

Cooperation with Gulf Countries

There is mutual support between Turkey and the Gulf countries in the fintech sector. This cooperation contributes to the growth of the fintech ecosystems in both regions. Turkish fintech companies are competing with fintech companies in the Gulf region, striving to gain a foothold in this market. Both regions support each other in the fintech sector, seizing opportunities for growth in broader geographical areas.

MENA Fintech Association and Turkey

As part of the MENA Fintech Association, Turkey contributes to the fintech ecosystem in the region. The Turkey section of the MENA Fintech Association was recently established, demonstrating the interest and positive attitude of fintech companies in the region towards Türkiye. Türkiye’s strength in the fintech sector is further enhanced by collaborations with other countries in the region.

Türkiye’s Fintech Strength

Turkey is in a very strong position in fintech. Its advanced banking sector, intensive digitalization, and mobile usage contribute to the growth of the country’s fintech ecosystem. Turkish fintech companies need access to capital and investments to expand their services globally. This further strengthens Türkiye’s position in the fintech sector.

Future Perspectives

Türkiye’s potential in the fintech sector offers even greater growth opportunities in the future. By collaborating with Gulf countries and seizing opportunities for growth in wider geographical areas, Turkey is in a strong position in the fintech sector. Turkish fintech companies are striving to gain a foothold in global competition by expanding their services worldwide.

Conclusion

Turkey has great potential in the fintech market. Its advanced banking sector, intensive digitalization, and mobile usage contribute to the growth of the country’s fintech ecosystem. Turkish fintech companies need access to capital and investments to expand their services globally. By collaborating with Gulf countries and seizing opportunities for growth in wider geographical areas, Turkey is in a strong position in the fintech sector. Türkiye’s strength in fintech will further increase in the future, enabling it to gain a foothold in global competition.