RegTech and compliance management
RegTech is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.
Attitude of the country towards RegTech-services
RegTech is not regulated under Turkish law.
Obligations and requirements to provide RegTech-services
RegTech is not currently regulated in Turkey. On the other hand, depending on the field in which services are provided, specific market regulations may apply, such as, banking, energy, capital markets, etc.
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
Market size for RegTech-services and biggest companies in this business area
No data is available as it is not regulated as an independent field.
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area
It is currently unregulated. However, sector specific regulations may apply. The Turkish market is open to growth.