Turkish-based companies including Trendyol Group, Baykar, Abu Dhabi’s sovereign fund ADQ, and Ant International have joined forces to develop a fintech platform within the country.

The partnership seeks to provide digital financial services in Turkey. While the launch is contingent upon regulatory approval, the companies signed a memorandum of understanding (MoU) to deliver various solutions such as digital payments, loans, deposits, investments, and insurance.

Details regarding investment size were not disclosed, but the partners are dedicated to meeting the needs and demands of their clients while supporting Turkey’s economic transformation in a responsible manner.

The partnership aims to target small and medium-sized enterprises (SMEs) as well as individual users, particularly leveraging Trendyol’s network of sellers. By combining Trendyol’s e-commerce infrastructure with Baykar’s AI and cybersecurity capabilities and Ant International’s expertise in fintech, the initiative seeks to establish a robust domestic financial platform.

Alibaba Group, which is a major investor in Trendyol, sees this partnership as an indication of interest in Turkey’s digital economy. ADQ highlights the potential for growth in Turkey’s digital sector, while Ant International believes that Turkey’s large and tech-savvy population contributes to making it a significant market.

Powered by the combined expertise in AI, e-commerce, and fintech from the partners, the new venture plans to enhance the efficiency of financial transactions for individuals and SMEs across Turkey. The platform will be established using local AI and fintech developments, with an expected launch date pending official approvals.

Accessible digital financial services aimed at individual and corporate customers are expected to improve daily operations and contribute significantly to sustainable economic growth in the country.