Istanbul, Turkey, June 22, 2016 - IFC,
a member of the World Bank Group, hosted today a roundtable for
senior finance industry executives, as part of an effort to expand financing
for startups and boost innovation in Turkey.
The gathering brought together representatives
from IFC, the Istanbul Borsa, Turkey’s leading banks, and Girisim Fabrikasi,
an accelerator program at Ozyegin University. Participants discussed the
impact of fintech on traditional banking models and also explored ways
they could channel more financing to fintech startups, which often struggle
to get the loans that are so vital to their growth. The roundtable was
followed by the Innovation Marketplace, where 12 promising financial
technology startups pitched their ideas to potential corporate partners.
“Start-ups not only develop the national
economy but they also play a vital role for corporates which are seeking
continuous innovation,” says Ihsan Elgin, the founding director of Ozyegin
University Girisim Fabrikasi and co-founder of FinTech Istanbul. “We are
hoping that the Innovation Marketplace becomes the first step of collaboration
between the startups and corporates that attended the event."
The Innovation Marketplace focused on technology
that would make banking more accessible to small and medium enterprises
(SMEs), the backbone of Turkey’s economy.
“With rising wages, low-value added manufacturing
in Turkey is losing competitiveness, leaving technology upgrading and innovation
as critical avenues for growth.” said Aisha Williams, IFC Country Manager
for Turkey. “Events like this support Turkey’s natural entrepreneurial
spirt and promote private sector development by providing the resources,
know-how, and training to encourage new business development opportunities
for Turkish companies.”
The roundtable and marketplace are part of
an effort by IFC to promote innovation, encourage the development of SMEs
and spur job creation. IFC has focused especially on financial technology.
A potentially revolutionary field, which includes services like mobile
banking, financial technology helps extend services to SMEs, which may
not have access to conventional banking systems and loans. Globally, access
to finance remains number one challenge for SMEs and IFC has invested over
$160 million in equity and debt in early and growth stage financial technology
companies in Asia, Africa, and Latin America since 2010.
This was IFC’s second annual Innovation
Marketplace in Turkey, an effort to match entreprenuers with established
coporates. Last year’s IFC Innovation Marketplace focused on healthcare,
smart energy, and industrial data management, resulting in two new partnerships
between the start-ups and corporates that attended the event.
About Ozyegin University Girisim Fabrikasi
Girisim Fabrikasi was founded in 2011 as
part of Ozyegin University. A start-up accelerator program, it supports
entrepreneurs with innovative, technology-based business ideas. The first
startup accelerator in Turkey, Girisim Fabrikasi has received more than
3000 applications, supported 200-plus startups and incubated 61 startups,
creating an economic impact of 9 million Turkish lira since 2011. For more
information, visit www.girisimfabrikasi.com
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org