Digital Banking and Banking as a Service– A Comparison of Turkish and European Law

Digital transformation in the financial industries is a continuous process affecting products and services provided to end users, internal processes and existing service models. Newly developed and implemented technologies are changing the conventional understanding of the business as well as the interaction with the end-users. Over the past years, the importance of Fintech has grown significantly, and this has also affected the legislative background both in European Union (“EU”) and in Turkey. Recently, Turkish lawmakers have regulated the concepts of digital banking and Banking as a Service (“BaaS”) which are seen as the wave of the future. This Article sets out to evaluate the legislation on digital banking and BaaS by comparing EU and Turkish laws together with the legislative backgrounds