The First Turkish Strategic Fintech Congress
The first Turkish FinTech Congress covering the laws and regulations applicable to FinTech players and the market trends took place in Ankara and Istanbul in June.
Organized by the Union of Turkish Bar Associations' Financial Technology Commission, TUBITAK, DEIK, and TODEB, the Congress brought together decision-makers in the financial industry, bankers, regulators, lawyers, and FinTech enthusiasts from all over Turkey.
The event covered essential FinTech topics such as Banking-as-a-Service, digital banking, and crypto regulations (like MiCA) in Turkey, including a comparison to the European equivalents.
S. Elif Kocaoglu Ulbrich participated in the Istanbul part of the event and delivered a speech at Kadir Has University about embedded banking, its pros and cons, and how this domain should be regulated.
Prof. Dr. Selim Yazici, Sebnem Elif Kocaoglu Ulbrich, Mahir Kubilay Dağlı, Pınar Caglayan Aksoy, Sebnem Karaduman at Kadir Has University
Embedded finance, particularly BNPL practices, became a "pain point" for European regulators recently due to the regulatory gaps and the potential harm to consumers with low financial and digital literacy. FCA and the EU are currently taking steps to regulate embedded finance further. FinTech entrepreneurs anxiously await the "judgment call" that could impact the embedded banking businesses and operations.
In her speech, Elif Kocaoglu Ulbrich discussed the importance of balancing innovation and consumer protection in embedded finance and how regulators can combine both aspects.
You can find excellent discussion points on embedded finance in our Finance Forward event coverage, as this topic was discussed in depth by speakers from Klarna and many other relevant FinTechs during the event in May.
