Istanbul: Trkiye's leading e-commerce platform, Trendyol Group, has joined forces with Baykar, the world's largest unmanned aerial vehicle manufacturer, active sovereign investor ADQ, and Ant International, a global digital payments and financial technology provider, to develop a next-generation fintech platform for the Turkish market. The agreement was formalized with the signing of a memorandum of understanding (MoU) on Wednesday.
According to Anadolu Agency, the strategic partnership aims to create a platform offering a comprehensive range of integrated financial services, including digital payments, retail and SME loans, deposits, investment products, and insurance, pending regulatory approval. Caglayan Cetin, president of Trendyol Group, Erdem Inan, Trendyol Group CEO, Haluk Bayraktar, CEO of Baykar, Michael Evans, president of Alibaba Group, Mansour AlMulla, deputy group CEO of ADQ, and Yi Zhou, CFO of Ant International, attended the signing ceremony.
The new venture will leverage the AI, e-commerce, and fintech expertise of the partners to improve financial transaction efficiency for individuals and small businesses across Trkiye. The initiative aims to integrate AI and financial technologies developed in Trkiye, facilitating access to finance for individuals and small businesses. The platform is expected to launch in the coming months after receiving approvals from official institutions.
Cetin noted that the alliance is expected to accelerate Trkiye's digital transformation and serve as a model for technology-driven financial solutions. He emphasized the goal of making financial services more accessible to Trendyol's 250,000 SMEs to support their e-commerce and e-export potential, contributing to Trkiye's economic growth.
Bayraktar highlighted Baykar's involvement in the cooperation to add value to the field of financial technologies by merging their AI and cybersecurity expertise with Trendyol's e-commerce experience and Ant's fintech know-how. He underscored the focus on high standards in risk management and security to build a domestic fintech infrastructure.
Evans expressed confidence in Trkiye and the investment's potential to introduce an innovative financial technology platform to the country, enhancing daily life and contributing to the sustainable growth of Trkiye's economy and financial ecosystem.
AlMulla pointed out the significant opportunities in Trkiye's dynamic economy and growing digital environment, noting the collaboration's potential to advance innovative financial solutions that support the country's digital transformation.
Yi emphasized Trkiye's strategic importance to global digital ecosystems, citing its young, digitalization-oriented population and developed e-commerce sector. He expressed excitement about developing inclusive digital financial solutions with cutting-edge technologies in collaboration with like-minded partners.