Abu Dhabi’s ADQ, one of the region’s largest sovereign funds, is considering a major fintech push into Turkey, teaming up with Trendyol Group, Baykar CEO Haluk Bayraktar, and Ant International of China.
According to the UAE state news agency WAM, the four parties have signed a memorandum of understanding to explore launching a digital financial services platform.
The platform would offer everything from payments and loans to deposits, investments, and insurance, once regulatory approvals are in place.
Targeting Turkey’s Digital Economy
The new venture will focus on individuals and small businesses, particularly those within Trendyol’s vast network. While specific financial details weren’t disclosed, the intent is clear: tap into Turkey’s booming digital economy.
Mansour AlMulla, ADQ’s Deputy Group CEO, highlighted Turkey’s continued rise as a tech-savvy, high-growth market, particularly in digital finance and e-commerce.
In 2024, Turkey’s startup scene defied global slowdowns, with 331 deals, up from 297 the year prior. More impressively, total deal value surged over 500% from $497 million in 2023 to a staggering $2.6 billion in 2024, per KPMG.
What ADQ’s Interest Means for MENA Startups
This move signals more than just a geographic expansion, it reflects the growing appetite of MENA investment groups for cross-border fintech ventures. For tech startups in the MENA region, it opens up:
- New models for international collaboration
- Inspiration to scale in underserved emerging markets
- Opportunities to plug into regional fintech ecosystems
- A validation of digital finance as a high-growth vertical
ADQ’s interest in Turkey also reinforces a broader trend: MENA capital is actively chasing innovation abroad, with fintech at the centre of the action. Startups in the region should take note, and get ready to ride the next wave.
