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The Central Bank of the Republic of Türkiye (CBRT) has revoked the operating licenses of two electronic money institutions, Paypole and IQ Money, ending their ability to provide payment services and issue electronic money in Türkiye.
The revocations were made under the Payment and Securities Settlement Systems Law, which regulates the licensing and oversight of firms operating in Türkiye’s rapidly expanding digital payments sector.
The CBRT confirmed that the decisions were formally enacted once they were published in the Official Gazette, the government’s official record of legislation and regulations.
These firms operated in Türkiye as electronic money institutions, providing digital payment services and issuing e-money that could be stored on prepaid cards, mobile wallets, or online platforms.
Their services allowed consumers to make purchases, transfer funds, and pay bills electronically, while also offering businesses a secure payment processing infrastructure.
Unlike banks, they did not take deposits or provide loans but acted as fintech intermediaries supporting the shift toward cashless transactions in Türkiye.
Paypole had been authorized to operate in Türkiye since April 2023, while IQ Money received its operating license earlier, in September 2020.
With the CBRT’s ruling, both firms’ activities have been formally terminated.
Türkiye has seen rapid growth in digital payments in recent years, with new financial technology firms entering the market alongside traditional banks.
However, the CBRT retains strict supervisory powers over the sector to ensure compliance with financial regulations, consumer protection rules and anti-money laundering standards.
License revocations typically occur when a company fails to meet regulatory obligations, though the CBRT did not specify further reasons in this case.
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