<p>BNP&nbsp;Paribas JV Turkish Economy Bank's digital bank initiative. </p>

<p id="">Colendi, Turkey’s foremost fintech company, has officially received a banking license, marking a significant milestone in its journey to becoming the nation’s first digital bank. With 18 million customers already on board, Colendi is poised to revolutionize the Turkish banking landscape by offering a fully digital, AI-powered banking experience.</p><p id="">The company has forged substantial partnerships with some of Turkey's largest corporations, including Migros, the country's leading multi-format grocery retailer, and Turkcell, the largest telecom operator. These alliances, combined with Colendi’s aggressive expansion strategy, have solidified its position as a key player in Turkey's financial technology sector.</p><p id="">Over the past 24 months, Colendi has strategically acquired several key licenses, including those for e-money, asset management, capital markets, and insurance brokerage. This has allowed the fintech giant to build a comprehensive ecosystem, offering a wide array of financial services. Since its inception in 2021, Colendi’s payment division has experienced exponential growth, expanding more than 40 times, while its credit business has grown over tenfold. The company has processed over $300 million in financial transactions, serving more than 1.5 million credit users.</p><p id="">Colendi has also distinguished itself as the first brokerage in Turkey to offer trading of international stocks in Turkish Lira, alongside commodities, precious metals, and local stocks. Additionally, it has pioneered embedded insurtech products within retail channels, broadening its reach into new verticals.</p><p id="">With the newly obtained banking license, ColendiBank, as it will be known, is now empowered to receive deposits and issue loans from its own balance sheet, all within a secure and regulated environment. The bank's proprietary technology, which spans the entire vertical stack, will be integral to its operations, leveraging Turkey's robust banking infrastructure and regulatory standards to offer a seamless digital banking experience.</p><p id="">ColendiBank’s ambitions extend beyond Turkey. The firm aims to scale its platform to reach 50 million customers across the region, positioning itself as a global leader in financial technology innovation. At the core of ColendiBank’s strategy is the integration of financial technology with artificial intelligence. This AI-driven approach will enable the bank to provide personalized, efficient services, transforming user experiences and setting new standards in digital banking.</p>

<p>QNB Finansbank's Enpara</p>

<p id="">Hayat Holding, a prominent player across various industries since its inception in 1937, has taken a significant step into the financial sector with the launch of Hayat Finans Participation Bank. This move not only marks the group's expansion into digital banking but also establishes Türkiye's first digital participation bank, underlining the country's growing prominence in the global financial landscape.</p><p id="">With a substantial capital investment of 1.5 billion TL, Hayat Finans Participation Bank is set to revolutionize the financial services industry in Türkiye. The bank aims to cater to the evolving needs of the digital age while staying true to the principles of participation banking. This strategic investment reflects Hayat Holding’s commitment to innovation and its vision for sustainable growth.</p><p id="">Hayat Holding has a long-standing history of success, operating in sectors such as port management, fast-moving consumer goods, and wood-based panel production. The conglomerate, which includes valuable subsidiaries like Hayat, Limaş, and Kastamonu Entegre, employs over 20,000 people across 67 companies. Its operations extend beyond Türkiye, with a presence in 17 countries and a portfolio of 49 brands.</p><p id="">Driven by the vision of globalization, Hayat Holding has been continuously expanding its reach and influence across the globe. The establishment of Hayat Finans Participation Bank is a testament to the group's forward-thinking approach and its dedication to leveraging advanced technologies for the benefit of both Türkiye and the world.</p><p id="">As the first digital participation bank in Türkiye, Hayat Finans Participation Bank is expected to set new standards in the industry, offering innovative financial solutions that are aligned with the principles of participation banking. The bank will operate entirely online, providing a seamless and efficient banking experience for customers while promoting financial inclusion.</p><p id="">Hayat Holding’s venture into the financial sector is a strategic move that complements its diverse portfolio, further solidifying its position as a leader in multiple industries. With the establishment of Hayat Finans Participation Bank, the group is poised to play a pivotal role in shaping the future of digital banking in Türkiye and beyond.</p>

<p id="">Established under the name of Tekfen Yatırım Finansman Bankası A.Ş. in 1989, the Bank quickly joined the ranks of Turkey’s most prestigious financial institutions in the areas of corporate and investment banking. In 2001, it took over the Bank Ekspres in accordance with its growth plans and with the decision of enhancing its experience in the field of commercial banking. In 2007, Tekfen Group got into partnership with Eurobank EFG and continued to carry out its activities under the name of Eurobank Tekfen A.Ş.</p><p id="">On December 21, 2012, Burgan Bank K.P.S.C. acquired the shares owned by Eurobank EFG and Tekfen Holding and became the main shareholder with a 99.26% share and the title of the bank was changed as Burgan Bank A.Ş. on January 28, 2013.</p><p id="">Burgan Bank acts as a “solution partner” for its customers and provides services through its 31 branches located in 14 important industrial and trade regions of Turkey. The Bank aims to establish long-term relations with its customers by emphasizing on stability and quality while conducting its activities in accordance with the principles of banking ethics, especially accuracy and reliability.</p><p id="">Backed by a majority shareholder who is closely familiar with the MENA region and its dynamics as a rising center of the world, Burgan Bank Turkey, puts its customer’s goals in the center of its banking activities, and conducts its business activities based on “banking focused on you” approach. The Bank provides services to its wide customer base in corporate, commercial and digital banking segments &nbsp;cooperating in synergy with its subsidiaries, Burgan Leasing and Burgan Yatırım.</p>

<p id="">Dubai Islamic Bank (DIB), the UAE's largest Sharia-compliant lender by assets, is making a strategic move into Turkey's banking sector by acquiring a 20% stake in TOM Group of Companies. The Istanbul-based company owns a digital bank, which will now see DIB as a significant minority shareholder.</p><p id="">The acquisition, confirmed by DIB in a statement to the Dubai Financial Market, includes an option for the bank to increase its stake to 25% within the next 12 months. The transaction has received approval from relevant authorities in both Turkey and the UAE and is pending final clearance from the Turkish Competition Authority.</p><p id="">While the financial details of the deal were not disclosed, DIB's investment in TOM—officially known as Technology of Money—marks a significant step in its international expansion strategy. TOM Group’s founding shareholder, Aydin Group, is recognized as one of Turkey's leading operators within the retail ecosystem, providing the company with a strong foothold in the Turkish market.</p><p id="">DIB’s entry into Turkiye aligns with its broader goals of expanding its digital banking capabilities and tapping into new markets. The partnership with TOM Group is expected to bolster DIB’s presence in Turkey and support the growth of Sharia-compliant digital banking services in the region.</p>

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