2022 will be a milestone in the Istanbul Finance Center (IFC) project that will place Istanbul among notable global financial centres. A critical part of the centre will be opened and launched to service this year. This project aims to qualify Istanbul as a top ten financial centre within ten years. Moreover, the project is planned to provide US$ 250 billion in revenue to the Turkish economy after fifteen years and an added value of US$ 160 billion. Türkiye’s financial services export which is currently US$ 2 billion per year, is estimated to reach the level of US$ 16 billion.
OPENING TO GLOBAL MARKETS
The project will contribute to the growth of Türkiye’s economy, boost financial dynamism, and Istanbul will become the centre of a wide range of financial products and services. At the centre, with an area of 1.5 million square meters, over a thousand actors of banking, capital markets, insurance, asset management, and consultancy will operate. One of IFC’s main goals is to increase the business volume of the financial institutions in Türkiye by opening to global markets.
In this way, Türkiye will obtain a considerable share from the global financial markets and movements, and capital markets will gain more depth.
On account of the structure, including incentives and exemptions provided by IFC, a top-level contribution to Türkiye’s economy and maintaining a balance for fulfilling the expectations of existing institutions and market expectations are anticipated. Companies wishing to participate in IFC will be filtered based on the criteria outlined by the regulations. They can launch their operations at the centre after receiving the participation certificate. IFC will play a critical role in the regional and global scales, and rendering IFC with a regional and a fintech centre is among the project’s strategic targets. Numerous local and international fintech companies are expected to remain at the centre when the project is fully operational.