The analysis of fintech ecosystem in Turkey

Abstract

Purpose -The purpose of this study is to analyze the dynamics of creating a wealthy FinTech Ecosystem.The state of the Turkish FinTech Ecosystem will be used as a case to determine the components of a healthy FinTech Ecosystem.Methodology -This paper is designed on a self-reflection methodology.The author is the co-founder of FinTech Istanbul Platform, which is acting as a FinTech Hub to gather all the building blocks of the Ecosystem in Turkey since 2016.The reflections are based on the experience of the author gained both from Turkey and international hubs.Findings -The main components of a FinTech Ecosystem consist of 8 elements: New technologies and tools that enable innovations; telecom and technology companies that create infrastructure for distribution; startups that create innovative business models; government and regulators that define the rules of the game; financial institutions that cooperate with startups; customers and users who benefit from innovations; investors, incubation centers and accelerators that enable both financial aid and space for innovators.Conclusion -To create a wealthy FinTech Ecosystem, all players and stakeholders must work together and try to create synergy in order to sustain competitive advantage.

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