The Communiqué on Redetermination of Minimum Equity Amounts of Payment and Electronic Money Institutions (“Communiqué“) was published in the Official Gazette dated 27 January 2024 and numbered 32442. The Communiqué revises the minimum equity amounts for payment and electronic money institutions. The Communiqué will enter into force on 30 June 2024.
What Does the Communiqué Mean?
With this Communiqué, the Central Bank of Republic of Türkiye (“CBRT“) revised the minimum equity amounts as follows:
|Former Minimum Equity Amount
|Revised Minimum Equity Amount
|Payment services providers exclusively dealing with invoice collection
|Other payment services providers
|Electronic money issuers
Payment and electronic money institutions must comply with the new minimum equity amounts introduced by the Communiqué until 30 June 2024. In case of non-compliance, CBRT will be authorized to grant a reasonable remedy period not exceeding six months, to temporarily suspend the operating license of the relevant institution until the situation is remedied, and to revoke the operating license in case the relevant situation is not remedied within the specified period.
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