According to the decision of the Banking Regulation and Supervision Agency published in the Official Gazette dated September 29, 2022 and numbered 31968, “FUPS Bank A.Ş.” The establishment of a digital deposit bank with the title was allowed. The said decision is the first digital deposit bank establishment permit granted within the scope of the Regulation on the Operating Principles of Digital Banks and Service Model Banking. Here are the details…
FUPS Bank became Turkey’s first digital deposit bank
Lydians Elektronik Para ve Dağıtım Hizmetleri A.Ş., which is the founder of FUPS Bank A.Ş., which is expected to own more than 99 percent, is a licensed electronic money authorized by the Central Bank of the Republic of Turkey with the decision numbered 10952/20551 dated September 10, 2020. and operates under the brand name of “FUPS”.
In this context, FUPS, which is well-known by the financial technology world, is a member of the Interbank Card Center (BKM) and VISA as a Principal, as well as holding Payment Card Industry (PCI) and Data Security Standard (DSS) certifications.
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FUPS, which has made user-friendly innovations such as “Choose Choose”, “Dual Account”, “Divide Divide” and “QR Card” in the payment services and electronic money sector, is expected to pave the way for innovative applications as Turkey’s first digital deposit bank in the banking sector. .
FUPS Bank A.Ş., whose establishment permission has been granted, will be able to perform all banking transactions permitted by the Banking Law and the relevant Regulation only through digital channels, after obtaining an operating license from the BRSA.