BDDK approves application from Migros and ColendiBank

The application submitted by Migros and the digital deposit bank ColendiBank to the Banking Regulation and Supervision Agency (BDDK) within the scope of Banking-as-a-Service has been approved.

With the permission granted by the BDDK, Colendi Bank A.Ş. has gained the authority to offer banking services through open banking services. In this context, it is planned that these services will be offered to Migros customers via an interface provided by Money Finansal Teknoloji Hizmetleri A.Ş. (MoneyFinans), which was established as a subsidiary of Migros.

With the approval process, the goal is to bring the retail and finance sectors together within the same structure under the banking-as-a-service model, while aiming to make financial services accessible through both digital and physical channels.

The permission granted by the BDDK has paved the way for ColendiBank to conduct its banking activities through third-party platforms. Within this framework, banking transactions will be carried out via the technical infrastructure provided by MoneyFinans.

News Source: İHA