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ColendiBank, the inaugural digital deposit bank in Turkey, has been granted approval by the BRSA.

The Banking Regulation and Supervision Agency (BRSA) of Turkey has given the go-ahead to Anglo-Turkish fintech company Colendi to launch the nation’s first digital deposit bank. With ColendiBank now ready to debut, this permission advances Istanbul’s position as a leading worldwide center for digital banking.

In order to meet the financial demands of an anticipated 50 million customers in the region—an increase from its present 18 million user base—ColendiBank will employ its proprietary technology in conjunction with Turkey’s banking infrastructure and regulatory environment to supply a wide range of services.

According to Bülent Tekmen, co-founder and CEO of Colendi, “We are thrilled to obtain authorization for the establishment of a digital deposit bank, ushering in a new era of accessible banking for our platforms and users.” Colendi’s business strategy is to partner with top organizations so they can reach their retail and SME clients and provide financial solutions in a controlled setting.

All systems go

With significant collaborations with companies like Migros, the biggest multi-format grocery retailer in Turkey, and Turkcell, the biggest telecom provider in the country, Colendi’s growth trajectory has also positioned it as a vital player in Turkey’s financial environment. The milestone’s acceptance also builds on Colendi’s strategic license purchases from several financial industries, which have improved its broad offering of financial services.

Incorporating artificial intelligence with fintech technologies is also preparing to improve the availability of individualized financial services, giving ColendiBank’s digital deposit and service banking model a major boost.

According to Ian Hannam, the chairman of Colendi from the United Kingdom, Turkey has emerged as the ideal location for our base. “Our ambitious, hard-working team and our partners, who have always been supportive of us, are the reason for our high growth pace.

“We look forward to expanding within the regulated network and creating high-quality, cutting-edge solutions that will serve our retail customers quickly, safely, and securely. The next thing we’ll do is enter other markets. The regulatory landscape in Turkey is remarkably similar to that in the EU and MENA.

During a current Series B investment round, Colendi’s valuation increased from $120 million to $750 million, demonstrating its rising trend.

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