THE IMPACT OF REGULATIONS ON FINANCIAL TECHNOLOGIES: POLICY RECOMMENDATIONS FOR TURKEY
DOI:
https://doi.org/10.64734/bjss.2-1-01Keywords:
financial technology, FinTech, financial regulationAbstract
FinTech applications, which are rapidly diversifying across areas such as digital payments, electronic money, open banking, crowdfunding, robo-advisory and crypto-assets, are increasing financial access, reducing the costs of financial transactions and enhancing potential market efficiency; however, they also create new regulatory challenges in terms of consumer protection, ensuring data security, managing cyber risks and safeguarding financial stability. This study examines the role and impacts of regulation within the FinTech ecosystem, which represents the transformation of financial services through technology. Furthermore, by examining the existing legislation in Turkey regarding payment systems, digital banking, data protection and crypto-assets, the fragmented nature of the regulatory framework has been highlighted, demonstrating that FinTech policies require a comprehensive framework that not only encourages innovation but also manages risks. In this context, the following key policy recommendations are put forward: enhancing digital financial literacy, strengthening regulatory flexibility, supporting innovation and R&D infrastructure, developing regulatory sandbox mechanisms, and establishing a FinTech strategy document to ensure coordination at the national level.
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Copyright (c) 2026 Mehmet Özgür YARAN- Elif GÜNEREN GENÇ (Author)
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