ISTANBUL

Türkiye’s leading e-commerce platform, Trendyol Group, the world's largest UAV manufacturer, Baykar, active sovereign investor ADQ, and global digital payments and fintech provider Ant International have signed a memorandum of understanding (MoU) for the formation of a strategic venture aimed at developing a next-generation fintech platform for the Turkish market.

"Following approval from the relevant regulatory authorities, this strategic partnership will enable the development of a platform that provides a comprehensive range of integrated financial services, including digital payments, retail and SME [small and medium-sized enterprise] loans, deposits, investment products, and insurance," a statement from Trendyol said.

Trendyol Group President Çaglayan Cetin, Trendyol Group CEO Erdem İnan, Baykar CEO Haluk Bayraktar, Alibaba Group President Michael Evans, ADQ Deputy Group CEO Mansour AlMulla and Ant International CFO Yi Zhou attended the signing ceremony.

The new venture aims to enhance the efficiency of financial transactions for individuals and small businesses across Türkiye, both within and beyond the Trendyol ecosystem, according to the statement.

The platform is planned to be launched in the coming months following the approval of official institutions.

"We want to make financial services more accessible initially to our 250,000 SMEs to support their e-commerce and e-export potential with our strong data-analysis capabilities,” Çetin said.

"Through this partnership, we are combining Baykar’s AI solutions and robust infrastructure with Trendyol's extensive user base and fintech experience. With a focus on high standards in risk management and security, we will build a fully domestic fintech infrastructure," Bayraktar said.