TCMB has halted the activities of Electronic Money Institutions.

TCMB Halts Activities of Electronic Money Sector

The Central Bank of the Republic of Turkey (TCMB) has temporarily suspended the operating licenses of electronic money institutions including Sipay, ParolaPara, Payco, Vepara, and ParaQR.

A Total of 9 Institutions Affected

With this decision, the number of institutions involved in electronic money and payment services whose licenses have been temporarily suspended has reached 9. This situation may also be a source of concern for other players in the sector.