A New Digital Bank Will Be Established in Turkey


Great East Capital (GEC) and Boustead Holdings Berhad (Boustead) signed a memorandum of understanding to explore investment and cooperation opportunities for the digital bank that GEC plans to establish in Turkey. Accordingly, GEC started the application process to the Banking Regulation and Supervision Agency (BDDK) for permission to establish a digital bank in Turkey.

The said agreement was signed by Boustead Group Deputy General Manager Mr. Izaddeen Daud and the founder of GEC, Mr. Umut Tekin, Prime Minister of Malaysia, His Excellency Mr. It was signed at a ceremony held in Istanbul as part of the official visit of Dato' Sri Ismail Sabri bin Yaakob to the Republic of Turkey.

Making a statement on the subject, GEC Founder Umut Tekin said, “We set out with the goal of becoming one of the leading digital banks in Turkey by providing an innovative digital banking solution that meets the needs of those who do not actively use banking products and brings financial inclusion. As GEC, we plan to achieve this goal by having strategic capital partners that bring foreign direct investment to Turkey, in addition to their valuable experience in digital banking technology, Islamic finance and social responsibility. We are delighted to embark on this journey with Boustead, who has significant expertise in digital banking, fintech and Islamic finance. Boustead's know-how in these areas will help us delve faster and deeper into areas where we want to be successful.”

Izaddeen Daud said, “This initiative will enable Boustead not only to be active in the Malaysian market, but also to position it to enter Turkey and surrounding countries. "Recognized as one of the most advanced Islamic Finance ecosystems in the world, we hope to be able to share Malaysia's expertise and know-how with Europe and the rest of the world."

Daud concluded by saying, “This initiative addresses the 'S' in Environmental, Social and Corporate Governance (Social) with a focus on making underutilized financial products reach wider audiences, and marks the reinforcing of Boustead's recent desire to adopt ESG. . Boustead believes in democratizing financial literacy and access to governance. With the digital bank, we will enable the customer to stay in control of their financial needs and we are really excited to create and deliver these values ​​together with GEC. I hope this platform will pave the way for us to take part in Malaysia's digital banking scene.”