Anglo-Turkish fintech Colendi has received regulatory approval to launch Turkey’s first digital deposit bank.
ColendiBank aims to enhance the fintech’s existing services, which already cater to 18 million users in the region. The company’s primary offering is a decentralized credit scoring engine utilized by various payment providers, including Turkey-based PayCell.
This latest approval follows the acquisition of e-money, asset management, capital markets, and insurance brokerage licenses over the past two years.
Colendi plans to leverage its proprietary AI technology for personalized services through the new bank. Additionally, the venture will benefit from the enterprise blockchain capabilities of SETL, a company that Colendi acquired last year.
Ian Hannam, chairman of Colendi, stated, “We look forward to building within the regulated network, developing high-quality innovative products that operate safely, securely, and swiftly for our retail clients. Our next step is to expand into new markets. Turkey’s regulatory environment is almost identical to that of the EU and MENA.”