3 days ago
Trendyol, Baykar CEO, ADQ and Ant International to develop fintech platform in Turkey
FILE PHOTO: Haluk Bayraktar, CEO of Turkish drone-maker Baykar, poses before an interview with Reuters at SAHA EXPO Defence & Aerospace Exhibition in Istanbul, Turkey, October 27, 2022. REUTERS/Umit Bektas/File Photo
ANKARA (Reuters) -Turkey's Trendyol Group, Baykar CEO Haluk Bayraktar, Abu Dhabi's sovereign fund ADQ and Ant International have agreed to explore a potential joint fintech venture offering digital financial services in Turkey, the companies said on Wednesday.
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.
(Reporting by Ebru Tuncay in Ankara, Writing by Ece Toksabay; Editing by Matthew Lewis)
