Ininal, a digital banking service where we’re investors, received its electronic money (e-money) license from the Banking Regulation and Supervision Agency (BDDK) of Turkey earlier this week.
What this means in practice is that Ininal’s existing digital wallet will be able to offer its users many new capabilities that it has so far been unable to offer due to regulatory requirements.
For example, Ininal wallet users will be able to make digital payments to individuals and institutions alike all from within the Ininal app. This effectively transforms Ininal into a digital bank which directly offers its users all banking services short of lending and investing. In the past, the Ininal app’s functionality was limited to creating new accounts, monitoring your balance, transferring money to other Ininal users, and seeing nearby top-up locations.
The e-money license also places Ininal on secure regulatory footing as it introduces new and innovative services to the market. The Ininal API is a great example of such a service.
Fintech companies bring new approaches to traditional services like banking and payments. However, like the traditional banks offering these services, they also deal with a sensitive asset like money. As such, it’s essential that they operate within existing regulatory frameworks while simultaneously working to adapt these regulations to accommodate the new services that their technologies make possible.
With its e-money license, this is exactly what Ininal is doing.