Özet:

Fintech investments in the world, which were 8.2 billion dollars in 2017, reached 238.9 billion dollars in 2021. In 2021, the fintech sector reached a record high of 7,321 deals and received a total of 164 billion dollars in investments with 6,000 deals in 2022. The study aims to present Islamic fintech application areas in Turkey in a holistic manner by examining the effects of the fintech sector on Islamic finance and traditional financial markets. It also examines whether Islamic financial institutions have been able to keep pace with the transformation. The study was conducted with qualitative research methods. In the study, data collection methods such as interview, observation, document analysis, etc. were used to solve the problem. At the same time, the research was evaluated in a realistic manner with an interrogative and interpretive technique. The data were compiled for the purpose of solving the complex situation of the subject, addressing it together and making a final holistic evaluation for the flow of social life. In the age of rapidly developing technology, change and transformation are also evident in the financial system. It is thought that the concept of 'Fintech', which is a combination of the words finance and technology, will have an important place in the financial markets in the future. Fintechs, which first manifested themselves in ATMs used for withdrawing and depositing money, then manifested themselves with POS devices or internet and mobile banking technology. In this study, fintechs are introduced and their effects on Islamic fintechs and traditional financial markets are analyzed. Financial technology companies operating in the field of fintech operate in a total of 13 areas, including payments, banking, blockchain, corporate finance and insurance. The findings of the study include remote customer acquisition, facilitating banking services through mobile applications and increasing financial literacy, and promoting Islamic banking products through an entrepreneurial web game, most of which have been implemented concretely through Islamic fintechs in Turkey. In addition, participation banks, the transformation of mobile phones into POS devices with Mobile POS applications, the 'cash simple' application that allows you to deposit or withdraw money without going to an ATM or branch, the ability to determine the credit score of participation banks' customers with artificial intelligence application without the need for past banking data, the 'kabbage' application that enables participation banks to fully automate loan application processes for SMEs are among the findings of the study as applications in the transformation process of Islamic fintechs. In addition, robo-consultancies that provide virtual finance consultancy services that contribute significantly to reducing costs developed using artificial intelligence technology, selim, a digital assistant developed with artificial intelligence technology that constantly improves itself and learns new things, and the garage and guild application that offers incubation centers and acceleration programs launched by Kuveyt Türk and Albaraka Türk can be counted among the important fintechs. In addition to these, the venture capital investment funds developed by Kuveyt Türk and Albaraka Türk, Vakıf Participation and Neova Insurance, the idea platform developed by Kuveyt Türk that enables entrepreneurs, university students and all customers to realize their innovative ideas on banking products and services as well as many other different subjects, the digital Turkish Lira step initiated by the Central Bank of the Republic of Turkey, and the mobile applications that offer financial asset trading and analysis launched by Kuveyt Türk and Albaraka Türk can be counted among the prominent Islamic fintechs in the sector. As a result of the evaluations made during the study process, it can be stated that Islamic fintech applications will add dynamism to the Islamic finance market and provide competitive advantage with their advantages such as low cost, 24/7 accessibility, transparency, reliability, operational convenience and new products. In addition, there are also negative factors such as data security, cybercrimes, money laundering, legal gaps, lack of infrastructure, and non-compliance with the rules of Islamic law, which can be shown among the disadvantages of fintechs. It can be said that it would be beneficial for financial institutions to take these factors into consideration in their transformation processes. When Islamic fintech initiatives in Turkey and the response to them are evaluated together, it can be said that Islamic fintechs have benefited from the fintech transformation by significantly differentiating from conventional fintechs.

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