Trendyol, Baykar CEO, ADQ and Ant International to develop fintech platform in Turkey
The four parties signed a memorandum of understanding to form a platform that would provide services including digital payments, loans, deposits, investments and insurance. The launch would be subject to regulatory approvals.
The companies said the platform would target individuals and small businesses, with a particular focus on Trendyol's network of sellers.
"The project aims to combine Trendyol's e-commerce infrastructure, Baykar's AI and cybersecurity tools and Ant's experience in financial technology," a statement said.
Bayraktar, best known for leading Turkey's top drone manufacturer, said the initiative would rely on domestic infrastructure and aim for high security standards.
Alibaba Group President Michael Evans, representing Trendyol's main investor, said the partnership reflected interest in Turkey's digital economy while ADQ's deputy CEO, Mansour AlMulla, cited the country's growth potential in the sector.
Ant International said Turkey's large and digitally active population made it a significant market.
The companies did not disclose an expected investment size.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
a day ago
- CNA
PowerChina wins $4 billion contract for Iraqi water desalination plant, sources say
BASRA, Iraq :PowerChina has won a contract worth around $4 billion to build Iraq's first large-scale seawater desalination plant in the southern city of Basra, in partnership with an Iraqi company, officials said on Thursday. Iraqi Prime Minister Mohammed Shia al-Sudani inaugurated the project, which will have a daily capacity of 1 million cubic meters and is expected to begin commercial operations in June 2028. The plant is part of government efforts to address severe water shortages in the southern region. The project also includes the construction of a 300-megawatt power plant to supply electricity to the desalination facility, according to two Iraqi officials and a project document seen by Reuters.
CNA
a day ago
- CNA
Chocolate Finance raises US$15 million; CEO says it may still offer instant withdrawals in future
SINGAPORE: Four months after suspending instant withdrawals due to surging demand, Chocolate Finance announced on Thursday (Jul 24) that it has secured US$15 million in fresh funding. The funds were raised from Nikko Asset Management, returning investors Peak XV (previously known as Sequoia Capital India and Southeast Asia), Prosus, Saison Capital and Chocolate Finance's founder Walter de Oude. The fintech firm plans to use the capital to expand across the region, starting with Hong Kong, where it recently obtained regulatory approval to operate. It expects to launch there in the first quarter of 2026. Expansion into Hong Kong is the 'logical next step' given that the regulatory environment and technological infrastructure is similar to Singapore's, Mr de Oude told CNA in an interview. The company came under scrutiny in March when it halted instant withdrawals after receiving an 'unusually high' volume of requests. Customers withdrew S$500 million (US$392 million) in about two weeks – wiping out around 40 per cent of its assets under management, which had hit US$1 billion the previous month. Its assets under management have not fully recovered, but have hit nearly US$705 million, and profitability is "not too far off", he said. Mr de Oude, who is the company's CEO, said instant withdrawals are not currently 'part of the recipe', though it could be reintroduced in future. 'For the time being', he said, withdrawals will follow a standard process of up to three days. 'We're continuing to look how we can innovate in that space as we roll out, but what we have found is that actually … up to three days for a withdrawal is good enough.' "MORE SUSTAINABLE" APPROACH The March episode came about after Chocolate Finance quietly suspended AXS payments on its debit card and customers accused the company of opaque communication. At the time, the company was offering two miles per dollar on all spending – including education fees and AXS payments – categories where miles are typically excluded. Customers were taking advantage of the scheme and it soon became 'quite evident' that this was unsustainable, Mr de Oude said. 'We have pared that back a little bit to more of a sustainable mileage programme, which is continuing to deliver great miles,' he said. Customers can still earn up to two miles per dollar, but "without loopholes". 'We've had to tweak things a little bit, around our communications and the understanding of our products and services,' said Mr de Oude. 'And potentially be ... more sustainable around the freebies and benefits we give in a launch.' Chocolate Finance, which invests its customers' money into fixed-income funds, has 100,000 users in Singapore. The company previously raised US$19 million in 2022. Mr de Oude said the confidence shown by existing and new investors reflects the strength of its business. He added that Chocolate Finance will take lessons from its Singapore experience to Hong Kong, with a "slightly less agressive" approach to growth. 'When you run promotions, you can be very generous in your promotions and the more generous you are, the more traction you get. But do you need to have as much promotion when your product is good enough, in and of itself?'
CNA
2 days ago
- CNA
WTO reform prospects clouded by investment deal block, sources say
GENEVA :The World Trade Organisation suffered a setback at its General Council meeting in Geneva on Wednesday after a small group of countries again blocked an initiative designed to boost foreign investment, two sources told Reuters. The Investment Facilitation for Development, which aims to reduce bureaucratic hurdles to encourage foreign direct investment, particularly in developing and least-developed countries, was blocked by India, South Africa and Turkey, they said, asking to remain anonymous due to the sensitivity of the matter. The WTO requires full consensus from all 166 members for a measure to be included in its formal rulebook. The measure has been formally backed by 127 members. Trade sources described the latest block as a "disturbing" signal, as WTO members weigh sweeping reforms to revitalise the global trade body, which has been challenged by a wave of tariffs imposed by the Trump administration. Proponents of reforms are pushing for changes to the consensus-based decision-making process in particular to stop countries from blocking measures and bogging down initiatives. India, South Africa and Turkey were not immediately available for comment. "The integration of the IFD into the WTO framework is a litmus test for members' willingness to turn reform discussions into practical action," a trade delegate told Reuters, describing it as disappointing. The EU delegation told members that the IFD did not hurt anyone's interest and that blocking it would "endanger" the multilateral trade system, according to a statement seen by Reuters. India and South Africa previously opposed the inclusion of the measure at high-level meetings, including the 2025 ministerial meeting in Abu Dhabi, where it failed to gain consensus. Keith Rockwell, a trade analyst at the Hinrich Foundation and former WTO communications director, told Reuters that India's continued obstruction of the IFD agreement is partly a tactic to gain leverage on food security negotiations.
