The Central Bank of the Republic of Turkey (“CBRT“) updated the minimum equity requirements under Article 33 of the Regulation on Payment Services and E-Money Issuance. Updated requirements were published in the Official Gazette dated January 22, 2022 and No. 31727 and will enter into force by April 1, 2022.
The CBRT updated the minimum equity requirements as follows:
|Relevant Institution||Former Minimum Equity Amount||Updated Minimum Equity Amount|
|Payment services providers exclusively dealing with invoice collection||TRY 3,000,000||TRY 5,500,000|
|Other payment services providers||TRY 5,000,000||TRY 9,000,000|
|E-money issuers||TRY 13,000,000||TRY 25,000,000|
Considering the annual changes in the price indexes published by the Turkish Statistical Institute, the CBRT increased the minimum equity requirements for payment and e-money institutions to be effective as of April 1, 2022.