Turkey Strengthens Gulf Fintech Ties: A Path to Becoming a Fintech Hub in the Region

In an effort to fortify bilateral ties and position itself as a fintech hub, Turkey increases fintech engagement with Gulf nations by signing deals while visiting Saudi Arabia, Qatar, and the UAE.

Turkey inked 18 agreements during these trips to Saudi Arabia, Qatar, and the UAE, along with a joint declaration, covering a range of topics like business, healthcare, renewable energy, and the space industry. Representatives of the private sector evaluated the potential for investment and collaboration with Gulf nations. 

Additionally, contacts were made in the fintech industry. The chairman of PayFix, Erkan Kork, said that Turkey wants to develop into a fintech centre. Turkey has the potential to develop as a centre for Gulf nations in the fintech industry, just like it has in many other fields.

The collaboration in trade and investment is improved by Erdoan’s Gulf tour. Around 200 Turkish business representatives which coincided with Turkey’s efforts to attract foreign exchange and attended meetings in Abu Dhabi, Jeddah, and the Gulf countries’ objectives of investment diversification.

Turkish and UAE agreement worth $50.7 billion

A total of 18 agreements were made in a variety of industries, including investment, industry, defence, healthcare, renewable energy, and the space industry, during Erdogan’s visit to Saudi Arabia, Qatar, and the United Arab Emirates. 

The $50.7 billion agreement between Turkey and the United Arab Emirates that was struck during President Erdogan’s meeting with Sheikh Mohammed Bin Zayed Al Nahyan of the UAE was the most notable.

Turkey could transform into a Gulf Fintech hub.

Erdogan’s visit to the Gulf was enthusiastically welcomed by significant members of the business community as well. PayFix Chairman Erkan Kork claimed that since President Recep Tayyip Erdoan’s visit, ties with Saudi Arabia, Qatar, and the UAE have been at their best.

“We had important discussions in the fintech sector,” he remarked. 

“A tremendous willingness to invest in Turkey exists. We appreciate the extraordinary efforts being made by Burak Dalolu, President of our Investment Office, to bring investments to Turkey throughout this process. We held very important conversations on financial technologies. True opportunities abound in Turkey. Turkey aspires to develop into a hub for fintech, as our President indicated. Turkey, like it is in many other industries, has the potential to serve as a fintech centre for Gulf nations.” he concluded.