BKM is a legal entity established in 1990 for the purpose of finding a solution to common problems regarding card payments and developing rules and standards for the debit and credit cards in Turkey. The center provides clearing and settlement of domestic transactions between banks and other institutions arising from the use of credit, debit and prepaid cards. The main activities of BKM are; carrying out the authorization operation between the banks, developing the procedures applicable to the banks in the credit card and debit card sector, forming the domestic rules and regulations, making efforts in relation to provision of standardization and taking the relevant decisions, establishing relations with the international organizations and commissions and representing the members in these organizations when necessary and executing the ongoing bank operations from a single central operation site in a more secure, fast and cost-effective manner.
Published in Chapter:
The Path to FinTech Development Research on Islamic Finance in Turkey
Musa Gün (Recep Tayyip Erdogan University, Turkey)
Copyright: © 2020
|Pages: 32
DOI: 10.4018/978-1-7998-0039-2.ch005
Abstract
The concept of FinTech, which is the combination of finance and technology, aims to facilitate many services offered by financial institutions. This chapter examines the development of FinTech practices in terms of Islamic finance in Turkey. The chapter assesses the viewpoints of the sector participants, including participation banks, corporate customers, and FinTech companies operating in Turkey, about Islamic finance and FinTech. In this regard, the ultimate goal of the study is to present a projection to the market actors and decision makers in order to be able to enhance the share of Islamic finance in the sector. The interview findings of the study indicate that (1) new technological products and services will dominate the banking sector and these will change the way of doing business in the near future; (2) perception, knowledge, infrastructure, service network, and campaign factors affect the Islamic banking preferences of the customers; and (3) the challenges of legal acts, confidence, competition, and human resources primarily influence the development of the financial ecosystem.