Migros and ColendiBank's New Financial Model with BDDK Approval

Migros and ColendiBank Approved for Banking as a Service Model

Retail giant Migros and Turkey's digital deposit bank ColendiBank have received approval from the Banking Regulation and Supervision Agency (BDDK) for their application under the ‘Banking as a Service’ model.

New Services from ColendiBank

According to a statement from the company, with this permission granted by BDDK, Colendi Bank A.Ş. will begin to provide banking services through open banking services. These services will reach Migros customers via an interface provided by Migros’s subsidiary Money Financial Technology Services A.Ş. (MoneyFinans).

Transforming the Customer Experience with New Partnership

Cem Doğan, Member of the Executive Board of Financial Affairs of Migros Group, stated that this partnership aims to redefine the customer experience, noting, “Thanks to the extensive use of Migros’s digital and physical channels, we are creating an infrastructure where retail and finance merge and financial transactions are integrated into daily life.”

Transparency in Access to Financial Services

Mehmet Müstehlik, Board Member of Money Financial Technology Services A.Ş., expressed that this collaboration has made access to financial services more transparent, faster, and personalized for everyone.

Contribution to the Turkish Banking System

Deniz Devrim Cengiz, Co-Founder and CEO of ColendiBank, commented, “We believe that the accessibility and inclusivity brought by Banking as a Service applications will contribute to the further growth of the Turkish banking system.”