ColendiBank will build on the fintech’s existing services, which are already used by 18 million people in the region. The firm’s main product is a decentralised credit scoring engine which is used by a number of payment providers, including Turkey-based PayCell. The latest approval follows acquisitions over the last 24 months of e-money, asset management, capital market and insurance brokerage licences. Colendi says that the new bank will lean heavily on its proprietary AI technology for personalised services. The venture will also take advantage of enterprise blockchain firm SETL, which Colendi acquired last year. Ian Hannam, the chairman, Colendi, says: "We look forward to building within the regulated network, developing high quality innovative products, which will operate safely, securely and swiftly for our retail clients. "Our next step is to expand into new markets. Turkey’s regulative environment is almost identical to the EU and Mena."