Entering the sphere of financial super apps isn’t an easy task. Companies need to spend months, years even, getting the proper licenses and developing products and services that meet the stringent requirements of governing bodies.
While this process inevitably slows down the release of new and improved products and services that could add more convenience to mobile payments, it’s essential. Fintech solutions such as Ozan super app need to follow through with this process and ensure their products’ utmost safety.
Developed by Dr. Ozan Ozerk, Ozan is a super app offering services of the highest quality. Initially licensed in United Kingdom, and now finally and now, it’s well on its path to reshape e-payments in Turkey and beyond.
So, let’s take a closer look at Ozan super app and see how it’s aiming to reshape e-payment systems across the globe.
What Is Ozan?
Ozan is the brainchild of Dr. Ozan Ozerk, a fintech expert who’s had experience with several similarly successful fintech platforms such as OpenPayd, a global banking as a service (BaaS) provider for enterprises (B2B). Ozan super app however focuses on consumers (B2C) and is designed to bring even more convenience and an even better user experience than these two projects.
Ozan is a digital payment platform compatible with iOS and Android. It was designed by Ozan Ozerk to enable its users to securely send and receive payments from anywhere in the world, exchange currencies at a single click, and transfer funds with ease.
Dr. Ozan Ozerk came up with the idea for the company as he had trouble keeping track of his cards and card details. Ozan was designed to enable users to keep all their financial accounts in a single, secure location. You can store cards, bank accounts, and financial details in the app and access them within seconds with Ozan.
To keep your financial information safe, you can send money to friends and family with just your phone number. That way, no one besides yourself will gain insight into your account numbers and payment information.
Ozan is a revolutionary app designed with ease of use in mind. First launched in Turkey, it was developed to stimulate the Turkish e-commerce market, help it expand and reach global audiences.
The Growing E-Commerce Market in Turkey
The Turkish e-commerce market was relatively slow to expand to global audiences. Businesses were initially reluctant to invest in digitalization and fintech solutions, so the e-commerce market could not reach its full potential.
However, from early 2000 and onwards, Turkey’s internet penetration grew rapidly, followed by a rapid grówth in the e-commerce market. Turkish businesses started adopting new technologies and expanding their reach when Ozan Ozerk saw his opportunity.
In 2019, the Turkish e-commerce industry saw unprecedented growth. The market increased by 39% in a single year, reaching €10.76 billion (∼$13.03 billion). That’s precisely why Mr. Ozan Ozerk developed Ozan – to stimulate further growth of e-commerce and help Turkish businesses improve their bottom lines and increase their revenues.
Businesses new to the market often have issues keeping their finances in check and handling daily transfers from one account to another.
Ozan assists such businesses by providing streamlined payments, transactions, and deposits in a click. The unified platform provides an insightful overview of all financial information, helping companies keep their finances in order without the need for complicated systems and software.
Turkish Law – E-Money Regulation
No company offering e-money services would operate without having the necessary licenses and meeting the local regulations. After all, fintech solutions gather sensitive information and perform critical operations. It’s essential for companies providing fintech solutions to handle their daily processes with care and attention.
To ensure the highest quality services, Ozan made sure his app got licensed in the world´s #1 Fintech jurisdiction, United Kingdom. Soon after Turkey followed. The country is known for its strict e-money laws and regulations, which are aligned with the legislation of the European Union.
Turkey requires businesses like Ozan to comply with “the Regulation on Payment Services and Electronic Money Issuance and Payment Institutions introduced by the Banking Regulation and Supervision Agency.”
To ensure compliance and receive its license, Ozan went through an arduous, 18-month-long process. His company began the process in 2018 and was fully licensed by the end of 2019.
Today, Ozan operates with all certifications and licenses, ensuring the utmost safety of its financial services.
Ozan’s Licenses in the UK and Malta
Ozan is quickly expanding to the global markets. The company is now headquartered in London and compliant with all UK laws and regulations.
Ozan is authorized and regulated by the Financial Conduct Authority (FCA), a UK financial regulatory body. FCA regulates over 58,000 other businesses within the UK.
Just like Turkey, the UK is known for its strict regulations and requirements, so all fintech businesses need to meet the highest standards to operate within the country.
Ozan, via its parent holding structure, also has licenses in Malta. In charge of licensing, regulating, and supervising e-money institutions in Malta is the Malta Financial Services Authority (MFSA). To receive and hold the license, fintech businesses need to go through the lengthy process of the preparatory stage, pre-licensing stage, and post-licensing/pre-commencement stage. Those in charge of a business need to pass the Fitness and Properness Test that assesses a person’s integrity, competence, and solvency.
Ozan Ozerk Announces US Expansion Plans
Ozan Ozerk didn’t stop at Turkey, the UK, or Malta. He announced plans to expand into the USA and offer Ozan’s services there as well.
To obtain proper licensing, Ozan and his super app will have to comply with the Electronic Fund Transfer Act (EFTA) and meet all government-imposed rules and regulations.
While there isn’t a date set for when the Ozan app will start operating in the USA, plans are in the works, and an official announcement will be made in due time.
The Bottom Line
Ozan is quickly becoming one of the most-trusted digital payment platforms in Europe and the US. Complying with international laws and obtaining all the necessary licensing, the company is offering services of the highest quality.
Ozan Limited (trading as Ozan) is a company incorporated in England (company number 09561722) with registered address at The Bower, 207-211 Old Street, London, England, EC1V 9NR. Ozan Limited is authorised by the Financial Conduct Authority in the United Kingdom under the Electronic Money Regulations 2011 (FRN 900482) for the issuance of electronic money.
Featured image credit: Photo by Yura Fresh on Unsplash
