What is TCMB?
The Central Bank of the Republic of Türkiye (Türkiye Cumhuriyet Merkez Bankası, TCMB; CBRT in English) is Türkiye’s central bank. Beyond monetary policy, it is the licensing and supervisory authority for payment institutions and electronic money institutions, and it operates and oversees the country’s core payment systems.
Its payments role since 2020
Law No. 7192 (Official Gazette 22 November 2019, No. 30956) amended Law No. 6493 so that payment institutions obtain their operating permit from TCMB instead of the banking regulator’s board, and empowered TCMB to suspend or cancel the permits of payment and e-money institutions. These provisions took effect on 1 January 2020. BDDK remains the regulator of banks; TCMB licenses and supervises payment and e-money institutions, issues the secondary rules for them, such as the Regulation on Payment Services and Electronic Money Issuance (Official Gazette 1 December 2021, No. 31676), and lists authorised institutions on its website.
Payment systems
TCMB runs the EFT system for Turkish lira transfers between banks, the EMKT securities transfer system and FAST, the 24/7 instant payment system opened to customers on 8 January 2021. It also leads the research project on the digital Turkish lira.
Why it matters for fintechs
For a wallet, payment gateway or money-transfer business, TCMB is the authority behind the licence application, the information-systems and data-sharing rules and, where relevant, FAST participation. A model that touches payments as well as lending or deposits usually has to be mapped against TCMB and BDDK rules at the same time. Our payment and e-money licence page walks through the TCMB process.
Is BDDK still the regulator for payment institutions?
No. Since 1 January 2020 payment and e-money institutions are licensed and supervised by TCMB under Law No. 6493 as amended by Law No. 7192. BDDK continues to regulate banks, including digital banks.
Does TCMB license crypto-asset platforms?
No. Crypto-asset service providers are authorised by the Capital Markets Board (SPK) under the Capital Markets Law as amended by Law No. 7518. TCMB becomes relevant where a crypto business also provides payment or e-money services.
Related: Payment Institution, Electronic Money Institution, Digital Bank.
Sources. Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. Statute links open the official consolidated Turkish texts on mevzuat.gov.tr.