The Central Bank of Turkey (CBRT) has temporarily suspended some of the operating licenses of three companies operating in the field of electronic money and payment services – Sipay Elektronik Para ve Pağdağı Services AŞ, Vepara Elektronik Para ve Pağdağı Services AŞ and Fzypay Elektronik Para ve Pağdağı Services AŞ – operating in the field of electronic money and payment services.
Thus, with this decision, the total number of companies whose licenses in the electronic money and payment services sector have been temporarily suspended has increased to 9.
The CBRT stated in a statement that the payment services of the companies in question are listed in the first paragraph (b) and (c) of Article 12 of the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, as well as the issuance of electronic money in accordance with the second paragraph of Article 18.
According to the Central Bank, all electronic money companies have the right to issue electronic money in accordance with Article 18 of the law. However, the permits to provide payment services differ between companies according to Article 12.
Sipay is known as one of the fastest growing electronic money and payment platforms in the fintech (financial technology) sector in Turkey. The startup has stood out in recent years with its innovative services in online payments, digital wallets and corporate payment systems. In September last year, Sipay announced its entry into the Azerbaijani market.
The temporary suspension decision is seen by industry observers as part of the regulatory and transparency process. Experts believe that Sipay and other startups can resume their activities after fulfilling the relevant requirements.
Other companies that have suspended their activities or been taken under administration:
Fzypay Electronic Money and Payment Services AŞ
İninal Payment and Electronic Money Services AŞ – taken under administration by the SDIF on March 14, 2025
Palladyum Electronic Money and Payment Services AŞ
Papara Electronic Money AŞ – taken under administration by the SDIF on May 27, 2025
ParaQR Electronic Money and Payment Services AŞ
Parolapara Electronic Money and Payment Services AŞ
Payco Electronic Money and Payment Services AŞ
Vepara Electronic Money and Payment Services AŞ
In addition, the following companies have had their operating permits completely revoked according to the CBRT list:
Paybull Payment Services and Electronic Money AŞ
IQ Money Payment Services and Electronic Money AŞ
Paypole Payment Services and Electronic Money AŞ
