Securing Digital Assets: An Inside Look at Colendi’s Security Protocols as Turkey’s First Digital Deposit Bank

Having secured a banking license, ColendiBank can now manage deposits and issue loans from its own financial reserves in a regulated framework. Originating from Colendi’s 2021 payment services, which oversee transactions exceeding $300 million, the digital financial institution has set an ambitious target to attract 50 million regional customers. This strategy will be powered by a synergy of financial technology and artificial intelligence.

With these technological advantages, the bank aims to offer an array of customized, high-efficiency services, reshaping the way users engage with financial platforms. “The approval for setting up a digital depository institution signals a transformative chapter in making banking more accessible for our user base,” remarks Bülent Tekmen, Colendi’s co-founder and CEO.

Colendi focuses on alliances with top-tier organizations to extend regulated financial offerings to individual and small-to-medium business clients.

The advent of ColendiBank was accelerated by the purchase of SETL, a London-based blockchain settlement and payments provider, in June 2022. Among SETL’s distinguished clientele are several central banks including those of England, France, and Singapore, along with financial institutions like Swift and the Bank of New York.

Additionally, SETL serves as a crucial technological collaborator for the Federal Reserve Bank of New York in its digital currency initiatives. SETL has also previously coordinated with Swift in the incorporation of digital state-backed currencies and asset tokens into the global financial landscape. Its capabilities in real-time financial settlements were enhanced with the July launch of its Regulated Liability Network software, branded as LedgerSwarm.

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