A cooperation agreement was signed between Kuveyt Turk, Turkey’s leading participation finance institution, and Param, the leading brand in the field of financial technology. Within the scope of this agreement, Kuveyt Turk CebimPOS users will be able to make installment transactions from many banks and cards using the Param infrastructure. Param, on the other hand, will have the opportunity to benefit from Kuveyt Turk’s wide customer network.
With the cooperation agreement between Kuveyt Turk, Turkey’s leading participation finance institution, and Param, the leading company in the field of electronic payment systems and financial technology, Kuveyt Turk joined the Param ecosystem. Thus, businesses using Kuveyt Turk’s CebimPOS product will offer their customers advantages over a much wider network by using the Param infrastructure, and will be able to make installment transactions over 22 banks and 9 card brands. Param, on the other hand, will benefit from Kuveyt Turk’s wide customer network.
Speaking at the signing ceremony, Kuveyt Turk Deputy General Manager for SMEs Abdurrahman Delipoyraz said, “Using the Param infrastructure, we will serve our customers in a much wider ecosystem. As Kuveyt Turk, we strive to stand by businesses and offer flexible solutions. The CebimPOS service, which we started in this direction, provided great convenience to companies that made heavy sales in the field. Now we have taken one more step. Until now, our customers could only make installments via Kuveyt Turk cards, thanks to this cooperation, they will be able to make installments from all bank cards. Thus, we have included 22 banks and 9 more card brands in the installment system of Kuveyt Turk customers.”
Emphasizing the importance for Param of collaborating with one of Turkey’s well-established financial institutions such as Kuveyt Turk, Param Founder Emin Can Yilmaz said, “FinTechs will also play important roles in many businesses such as collections, payments and micro-lending undertaken by banks in the new period. This transformation has started in the world, and it is progressing rapidly in our country. As Turkey’s leading financial technology institution, we were established with the vision of providing every service expected from a digital bank. ParamPOS; Today, we offer end-to-end financial services to our corporate and individual customers with our ParamKart and ParamKredi products. Our goal is to be in the top 10 of all financial institutions, including banks, by 2024. Kuveyt Turk will give us great strength on this path.”
ABOUT KUVEYT TURK
Kuveyt Turk was established in 1989. Effectively bringing together outstanding financial products and services with savers and investors, Kuveyt Turk maintains its leading position in the sector with its customer-oriented approach, technology-innovation studies and steps taken on the way to digital transformation. Being the first participation finance institution to take a step in the gold field, Kuveyt Turk also realized the sector’s first sukuk transaction in Europe and Turkey. Establishing the first R&D center in Turkey implemented by a financial institution in 2010, Kuveyt Turk is the only financial institution in Turkey to have two R&D centers today. Among the projects developed in the R&D center, there are also projects such as XTM, which is a first in the world, where video calls and self-service transactions can be performed together. As of today, Kuveyt Turk provides services with 441 branches throughout Turkey, and continues its activities abroad with its Bahrain branch and its German subsidiary, KT Bank AG. In addition to its operational works, Kuveyt Turk has undertaken important social responsibility projects based on social values and protecting cultural assets. In line with the strategy of “We grow with our values”, Kuveyt Turk has undertaken many restoration projects and produced permanent works such as books and documentaries.
Source: Sabah / Translated by Irem Yildiz