Migros and ColendiBank Received BRSA Approval for Service Banking

Innovative Step from Migros and ColendiBank

The retail giant Migros and Turkey's digital deposit bank ColendiBank have applied to the Banking Regulation and Supervision Agency (BRSA) and received approval for 'Service Model Banking' implementations.

Innovative Services with Open Banking

With the approval received, Colendi Bank A.Ş. will have the opportunity to provide banking services through open banking services. These services will be delivered to customers through Migros's subsidiary Money Financial Technology Services A.Ş. (MoneyFinans).

Revolution in Customer Experience

Cem Doğan, Member of the Executive Board of Financial Affairs of the Migros Group, stated that this strategic partnership will reshape the customer experience, saying, “Migros's extensive access network in digital and physical channels makes financial transactions a natural part of daily life.” Mehmet Müstehlik, Member of the Board of Directors of Money Finans, emphasized that this collaboration makes access to financial services more transparent, faster, and personalized.

Inclusivity in Turkish Banking

Deniz Devrim Cengiz, Co-Founder and CEO of ColendiBank, stated, “We believe that the accessibility brought by Service Model Banking will further grow the Turkish banking system,” pointing out the significance of this innovation in the industry.