The Central Bank of the Republic of Turkey ("CBRT") issued the Communiqué on the Redetermination of the Minimum Equity Amount of Payment and Electronic Money Institutions ("Communiqué") and amended the minimum equity requirement set out in the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers ("Regulation").
Following the amendment, the minimum equity requirement has been redefined and will take effect on June 30, 2024 as follows:
- The minimum shareholders' equity requirement of TRY 7 million for payment service providers providing payment services for intermediation of bill payments will be increased to TRY 10 million;
- The minimum equity requirement of TRY 15 million for all payment institutions offering services other than the service of providing consolidated information on online platforms regarding one or more payment accounts of the payment service user with payment service providers, provided that the approval of the payment service user is obtained, as TRY 20 million;
- The minimum shareholders' equity requirement for electronic money institutions, which was set at TRY 41 million will be increased to TRY 55 million.
You can access the full text of the Communiqué from the link below.
https://www.resmigazete.gov.tr/eskiler/2024/01/20240127-8.pdf
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