Major fintech investments expected for Türkiye, set to transform sector
Galata Tower is one of the oldest towers in the world and symbols of İstanbul, Türkiye. (Photo via X)
Türkiye is poised to attract significant fintech investments in the near future, according to Dr. Erkan Kork, Chairman of BankPozitif’s Board of Directors.
Speaking to CNBC-e, Kork highlighted Türkiye’s strong performance in attracting international direct investments, even as global investment trends show a decline.
Türkiye’s strong investment appeal
In the first six months of 2024, Türkiye received $4.7 billion in international direct investments, with the Netherlands, the United States, Germany, Ireland, Norway and the United Kingdom being the top contributors.
Kork emphasized that these new investment announcements are not surprising, given Türkiye’s favorable business environment.
Dr. Kork noted that Türkiye’s entrepreneurial culture, young population, and competitive products and services have made it an attractive destination for global investors. Over the past 20 years, Türkiye has consistently captured 1% of global investments annually.
However, Kork pointed out that the goal is to increase this share to 1.5%, a target that seems within reach given the political stability, reforms, infrastructure investments and investor-friendly policies.
Kork praised the vision and determination of Türkiye’s Finance Minister Mehmet Simsek, stating that Türkiye is on the path to becoming a hub for international investments.
Fintech, technology investments on horizon
Kork further elaborated on the expected influx of large-scale investments in the fintech sector. He stated Türkiye would continue to attract high-quality investments, particularly in export-oriented goods and services.
Since 2002, the total value of international direct investments in Türkiye has exceeded $268 billion, with investments in the first half of 2024 accounting for 28% of the current account deficit.
He also noted that Türkiye’s strategic position as a production, logistics, and management center will continue to draw technology investments, especially in fintech and e-commerce. Kork predicted that capital flows from Europe, the United States, and Gulf countries would continue to increase.
