Boğaziçi University and Borsa Istanbul to Jointly Establish a “Finance Technopark Technology Development Zone”
The Ministry of Science, Industry, and Technology has approved Borsa Istanbul and Boğaziçi University’s joint application to establish a technopark that will host firms that develop financial software, systems, and products within the context of the “Istanbul International Financial Center”. The finance-themed project will be founded on the Borsa Istanbul campus. Announced in the Official Gazette dated August 18, 2014, following Cabinet Decree No. 2014/6681, the finance-themed project will not only be a first in Turkey, but also serve as a new model in the international arena showing that effective technology development is possible through collaboration between a university and a stock exchange.
To help Turkey’s financial sector gain a more competitive edge and boost its share in global markets, Borsa Istanbul and Boğaziçi University are collaborating to establish a finance-oriented technology development zone.
Borsa Istanbul Chairman and CEO Dr. M. İbrahim Turhan spoke about the Finance Technopark Technology Development Zone: “The Technopark Project aims to boost the competitive power of firms in their respective sectors by providing an innovative technological infrastructure”. He emphasized that increasing the scope of research and development activities and enabling the entire finance sector to make more efficient use of academic knowledge were prerequisites for progress in the finance industry.
İbrahim Turan also noted that the Borsa Istanbul’s recent collaboration with Boğaziçi University had resulted in two projects—the Finance Technopark and the Financial Application and Research Center: “Both projects are based on the project for the Istanbul International Financial Center. Taken together, the Financial Application and Research Center will provide the theoretical/academic basis of the project, while the Finance Technopark will offer implementation opportunities. Of these two innovative projects, the Technopark Project aims to boost the competitive power of companies by offering an innovative technological infrastructure. We believe that establishing a technopark by combining the accumulated knowledge of Boğaziçi University and Borsa Istanbul will play a significant role in increasing the level of technology production in Turkey, and strengthen Turkey’s international competitive power in finance. In this context, Boğaziçi University and Borsa Istanbul agreed on the benefits of establishing a technopark to host companies that will develop software, systems, and products for the financial sector, and the process to establish a Technology Development Zone that will be called the Finance Technopark was initiated. This thematic technopark will focus on financial matters, and is expected to host both financial companies and institutions, as well as firms involved in software, information technology, and related technologies. Companies that operate as part of the Technopark will have extensive income and corporate tax exemptions, and the opportunity to collaborate not only with Boğaziçi University on R&D activities but also with various academic organizations, institutions, institutes, and training centers.”
“Both projects aim to turn campuses into attractive academic and professional sites in the fields of qualitative finance, financial innovation and financial technologies”
İbrahim Turan continued by adding that, “The second project, which actually complements the Finance Technopark, is the Financial Application and Research Center that was established at Boğaziçi University, again by the joint collaboration between the two institutions. The aim of Center is to support research on topics that the sector needs, such as theoretical and empirical qualitative finance, financial innovation, and financial technologies. Its main purpose will be to offer policy recommendations to institutions that make and enforce laws in light of these academic studies, to contribute to the development of Turkey’s financial sector and economy. With both projects, we aim to turn the Boğaziçi University and Borsa Istanbul campuses into attractive academic and professional sites that Turkey needs in the fields of qualitative finance, financial innovation and financial technologies.”
President Gülay Barbarosoğlu: “By collaborating with Borsa Istanbul, we aim to strengthen the competitive and leading role our financial markets and institutions play in global markets”
Boğaziçi University President Gülay Barbarosoğlu spoke about the upcoming Finance Technopark Technology Development Zone, and said: “With its numerous faculty members and students in various academic areas, specialized research centers, and specific graduate programs, Boğaziçi University is an exceptional institution that is successful also in conducting finance education and research. Within the framework of our collaboration with Borsa Istanbul, we aim to boost our knowledge and experience in the field of engineering, especially in financial mathematics, mathematics, information technology and software engineering, and strengthen the competitive and leading role our financial markets and institutions play in global markets. Our objective is to enable universities, research institutions, and industrial organizations that are engaged in the financial sector in Istanbul—which will play a significant role in building a new financial structure—to conduct research, development, and innovation studies within the same environment; exchange knowledge and technology; and create the support infrastructure required to develop innovative and proficient human resources. This will make it possible to provide a suitable environment where the academic knowledge and research potential found at universities and research centers can be turned into technological products, commercialized, and transferred; where technology-oriented firms and businesses can be established and flourish; and where trained minds both in Turkey and overseas can produce financial technology most efficiently.”
Plans are to be Operational in 2015
The project will be built over a 10,000-square-meter area within the Borsa Istanbul campus, and will have a floor area of 15,000 square meters. The plans are to complete the building and become operational by the end of 2015.
The project is noteworthy due not only to its founding premises, but also to its focus on innovation as part of the overall vision for the Istanbul Financial Center.