Fintech Shock from the Central Bank!
Official titleDecision Regarding the Revocation of the Operating License of Parolapara Elektronik Para ve Ödeme Hizmetleri A.Ş.
The operating license of Parolapara Elektronik Para ve Ödeme Hizmetleri A.Ş. to function as an electronic money institution has been revoked by the Central Bank of the Republic of Turkey (TCMB).
Before
Parolapara Elektronik Para ve Ödeme Hizmetleri A.Ş. (Parolapara Electronic Money and Payment Services Inc.), was an active electronic money institution authorized by a TCMB (Central Bank of the Republic of Turkey) decision dated 28/7/2022.
After
The company's authorization to operate as an electronic money institution has been completely revoked and it can no longer legally offer payment services.
Details of the Regulation
The Central Bank of the Republic of Turkey, by its decision dated June 5, 2026, and numbered 12039/21638, has revoked the operating license of Parolapara Elektronik Para ve Ödeme Hizmetleri A.Ş. The company had previously been authorized as an electronic money institution by the decision dated July 28, 2022. The revocation decision was taken pursuant to the relevant articles of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions.
Questions You Might Have
- What will happen to my remaining balance in Parolapara?
- Even if the company's operating license is revoked, its obligations toward customers continue. You should request the refund of your money by following the announcements to be made by the company and the TCMB regarding the liquidation and refund process.
- What is the ground for the revocation decision?
- Although no direct violation is specified in the text of the decision, the referenced articles of Law No. 6493 indicate that revocation is pursued in cases of failure to fulfill obligations or loss of operating conditions.
Key Terms
- Faaliyet İzninin İptali
- The invalidation of a legal permit received by a company from a state authority to engage in commercial activities in a specific field.
- Elektronik Para Kuruluşu
- A financial company that holds the right to issue electronic money and provide payment services under the authority granted by law.
Affected Sectors
- Finance
- Fintech
- E-money and payment services
Where we posted this
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REGAS Commentary
This decision demonstrates that supervision within the financial technology sector is being pursued with determination. Individual and corporate users with accounts or balances at the company concerned should very closely follow the announcements to be made by the company and the Central Bank regarding the liquidation process in order to avoid any loss of rights.