Digest 7 | November 2023

What companies are telling us

• Turkey's most valuable fintech company Param announced its financial results for Q3'2023: ParamKart transactions increased by 100% year-on-year to reach TL 4.4 billion. In comparison, ParamPOS transactions increased by 335% year-on-year to reach TL 45 billion.
• Hepsipay has signed a five-year digital payments agreement with Visa so that the company's cards can be used globally for online and physical purchases.
• Fintech platform Figopara has selected Provenir's AI-Powered Risk Decisioning platform to automate decision-making and accelerate expansion.
• Fintech startup Agra Fintech has raised $18 million from investment fund Re-Pie Kat?l?m Karma (Vakif Katilim). The company develops digital solutions for analyzing various financial information and data.
• Fintech startup Paynet has received an open banking license.

New product launches and startups

Turkey's first urban token project Izmir Token, which caused a stir among token investors, will be available for pre-sale on Bzetmex. The project received its first investment of 15 million Turkish Liras from Sedat Okakc?, Chairman of Ocakc? Holding.

Comment by red_mad_robot Market Research Center: Many innovations are emerging in the crypto ecosystem today. Turkey as one of the main countries where the crypto industry is developing is still catching up in the world. The concept of the city token is a first in the world. If the token reaches a high valuation, it will attract interest from local and foreign investors.

Paynet introduced an installment feature in the PayPOS solution, which works with SoftPOS infrastructure. The solution can be used by users on all Android devices with NFC (smartphones, tablets, watches, and so on).

Papara began offering users the ability to personalize Papara cards by writing text and adding icons and pictures.

Market Analytics

Turkey has made it to the top 5 countries in the world that actively use cryptocurrencies in payments. It also ranked 12th in the use of cryptocurrencies. Yasin Oral, CEO and founder of Turkish cryptocurrency exchange Paribu, said that the relatively high adoption rate of cryptocurrencies in Turkey is not entirely surprising for several reasons, such as the country's macroeconomic climate and the young population's interest in innovation and technology. People seek alternatives such as cryptocurrencies to preserve returns, diversify investment portfolios, and engage with new asset classes.

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