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 (9988.HK), opens new tab 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
Reuters
3 hours ago
- Reuters
Citi, Ant International pilot AI-powered FX tool for clients to help cut hedging costs
SINGAPORE, July 18 (Reuters) - Citigroup (C.N), opens new tab and Singapore-based financial technology firm Ant International have launched a pilot program using artificial intelligence to help clients better manage foreign exchange risk, the companies said on Friday. The program combines Citi's Fixed FX Rates solution, which is widely used by the banks' clients in sectors such as e-commerce, with Ant International's Falcon Time-Series Transformer model, an AI forecasting tool that helps businesses reduce hedging FX costs, according to a joint statement. The pilot program, developed initially for aviation clients, has already been used in live transactions with a major Asian airline able to reduce cost in its fixed FX hedging for online ticket sales, the companies said. "The 30% hedging cost savings Ant International has achieved for the pilot airline customer shows the cost efficiency that can be achieved with AI-enabled FX hedging," Kelvin Li, general manager of Platform Tech at Ant International, said. "We are excited to expand the solution with Citi to serve more businesses and industries," he added. Ant International is an affiliate of China's fin tech giant Ant Group, founded by billionaire Jack Ma. It provides global digital payment, digitisation and financial technology and has operations across Asia, Europe, the Middle East and Latin America. The launch came six months after Citi began rolling out new AI tools to be used by employees in eight countries, providing such access to 140,000 employees globally. Large banks have been using AI tools in more targeted ways. Morgan Stanley (MS.N), opens new tab has a chatbot that helps financial advisors in interactions with clients, and Bank of America's virtual assistant Erica focuses on day-to-day transactions of retail clients.
Daily Mail
8 hours ago
- Daily Mail
Wise's Wall Street ambitions hit by profit miss: Shares in the UK fintech firm tank after trading update
Wise's ambitions of a sky-high New York valuation suffered a setback yesterday as shares in the British fintech firm tanked after it missed profit forecasts. The stock fell as much as 11 per cent when it reported that earnings came in at £362million in the three months to June – an 11 per cent increase on the previous year but below analyst expectations of £372million. The London firm last month dealt the UK tech sector a major blow when it revealed plans to move its primary stock market listing from London to Wall Street in search of a higher valuation. Chief executive Kristo Kaarmann yesterday said that the proposed move had been 'positively received' by shareholders. But the trading update and share price decline raised questions about Wise's ability to attract a higher price in the US. Dan Coatsworth, an investment analyst at AJ Bell, said: 'It's a myth that switching a main stock listing from the UK to the US will automatically result in a higher valuation. 'There are plenty of examples where this hasn't happened. Wise's earnings miss is the last thing it needs ahead of a listing transition. 'It hurts the company's reputation and makes prospective investors more cautious and potentially less willing to pay a high multiple of earnings for the stock, even though it is still delivering high levels of customer and earnings growth. 'It's like asking a driver if they want to buy a sports car with a dent in it.' Shares recovered some losses and ended down 5.7 per cent or 65p, at 1067p. It is the latest setback for the fintech darling after Kaarmann was last year fined £350,000 by the City watchdog over 'significant tax issues' for his failure to pay £720,425 in capital gains tax after selling £10million worth of shares in 2017. The New York move has been described as a 'hammer blow' to the City which has suffered a mass exodus. Last month Kaarmann acknowledged efforts to reform Britain's listing rules but he said the switch was due to the US having the world's biggest capital markets which will allow more investors to buy shares. The money transfer company insisted it was not turning its back on the UK, where a fifth of staff are based, and would continue hiring and investing in the country. It will also maintain a secondary listing in London.
Reuters
10 hours ago
- Reuters
Oil jumps $1 after further drone attacks on Iraq oil fields
HOUSTON, July 17 (Reuters) - Oil prices rose $1 on Thursday after drones struck Iraqi Kurdistan oil fields for a fourth day, pointing to continued risk in the volatile region. Brent crude futures settled at $69.52 a barrel, up $1.00, or 1.46%. U.S. West Texas Intermediate crude futures finished at $67.54 a barrel, up $1.16, or 1.75%. Officials pointed to Iran-backed militias as the likely source of attacks this week on the oilfields in Iraqi Kurdistan, although no group has claimed responsibility. Oil output in the semi-autonomous Kurdistan region has been slashed by between 140,000 and 150,000 barrels per day, two energy officials said, more than half the region's normal output of about 280,000 bpd. "Some of the gains are reaction to drone attacks in Iraq," said Andrew Lipow, president of Lipow Oil Associates. "It shows how vulnerable oil supplies are to attacks using low technology." Markets have also been jittery while waiting for the imposition of tariffs by U.S. President Donald Trump, which could shift oil supplies from the United States to India and China, Lipow said. Trump has said letters notifying smaller countries of their U.S. tariff rates would go out soon, and has also alluded to prospects of a deal with Beijing on illicit drugs and a possible agreement with the European Union. "Near-term prices (are) set to remain volatile due to the uncertainty over the final scale of U.S. tariffs and the resultant impact on global growth," said Ashley Kelty, an analyst at Panmure Liberum. U.S. crude inventories fell by 3.9 million barrels last week, government data on Wednesday showed, compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw. Last week, the International Energy Agency said that oil output increases were not leading to higher inventories, which showed markets were thirsty for more oil. Markets were continuing to look for signals of tighter supply or higher demand, said Phil Flynn, senior analyst for Price Futures Group. Meanwhile, a tropical disturbance in the northern Gulf of Mexico was not expected to develop into a named storm as it makes its way west before moving onshore in Louisiana later on Thursday. Rainfall totals in Southeast Louisiana are forecast to be about four inches (10 cm), according to the U.S. National Hurricane Center.
