First Digital Bank License was Granted by the Banking Regulation and Supervision Agency

The Regulation on the Operating Principles of Digital Banks and Service Model Banking (“Regulation”) drafted by the Banking Regulation and Supervision Agency (“BRSA”), has entered into force on 1 January 2022.

Within the scope of the Regulation, the term ‘digital bank’ is defined as “credit institution that provides banking services through electronic banking services distribution channels instead of physical branches.”

After the Regulation entered into force, the decision of the Banking Regulation and Supervision Board dated April 21, 2022, was published in the official gazette on April 22, 2022, that Hayat Katılım Bankası A.Ş to obtain the first digital bank license in Turkey