TROY ECONOMIC

Target identification: TROY, Türkiye’s Payment Method, is a Turkish payment-card scheme established in 2016 and operated by Bankalararası Kart Merkezi A.Ş. (BKM); the abbreviation does not identify a separately established corporation in the official documents reviewed. ¹

Entity scope: The findings concern the Turkish payment scheme and its operator BKM, whose controlling shareholder is the Central Bank of the Republic of Türkiye (CBRT). ²

Evidence cutoff: 26 October 2026.

Supply Chain & Sourcing Relationships

Direct supplier relationships

TROY’s current corporate description identifies it as a card-payment infrastructure and network operating through financial institutions, rather than a retailer or agricultural importer. ¹

No public evidence identified of direct procurement relationships between TROY or BKM and Israeli agricultural exporters Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors in the corporate operating documentation reviewed. ¹

Importer-of-record structure

No public evidence identified of a TROY-owned Israeli import company, importer-of-record subsidiary, or agricultural import joint venture in the operator’s public corporate and financial-service documentation. ²

Seasonal sourcing patterns

No public evidence identified of seasonal Israeli produce procurement or recurring December–April agricultural purchasing by the TROY payment scheme. ¹

Third-party sourcing and distribution

TROY operates through participating banks and electronic-money institutions, which issue cards carrying the TROY logo. ³

The official current individual-card membership directory identifies Turkish financial institutions participating in TROY card issuance. ⁴

The separate commercial-card membership directory identifies participating institutions offering business cards. ⁵

TROY’s official FAQ describes international acceptance through additional international card networks displayed on qualifying cards. ⁶

These arrangements establish card issuance and payment-network distribution; no public evidence identified in the reviewed documentation of a specific Israeli agricultural product distributed through TROY itself. ³

Named intermediaries

BKM operates the TROY payment network and associated services for participating financial institutions. ⁷

The GO Secure Pay service is developed by BKM and exchanges payment-authentication information among merchants, cardholders, and issuing financial institutions. ⁸

BKM’s transportation platform supports contactless payments through bank cards, credit cards, prepaid cards, and digital wallets in Turkish urban transport systems. ⁹

No public evidence identified of a named Israeli merchant acquirer, Israeli settlement-based payment intermediary, or Israeli defence contractor holding a direct TROY operating contract in the reviewed partner and service disclosures. ⁶

Product Origin, Labeling & Regulatory Compliance

Product origin

TROY was established in Türkiye in 2016 as a domestic payment-card scheme operating within BKM. ¹

[pre-2020] Anadolu Agency’s September 2015 reporting described TROY as a national payment method developed by Türkiye’s Interbank Card Center (BKM), with a planned launch on 1 April 2016; the scheme continues to operate under BKM according to its current public documentation. ¹⁰

TROY’s present products include debit, credit, prepaid, and commercial payment cards issued by participating financial institutions. ¹¹

Settlement-origin products

No public evidence identified of TROY importing, stocking, relabelling, or selling agricultural or manufactured goods originating in Israeli settlements; its documented business activity concerns payment services and card-network infrastructure. ¹¹

Country-of-origin labelling

No public evidence identified of a DEFRA, customs, or other product-origin labelling enforcement action against the identified TROY payment scheme in the corporate and product documentation reviewed. ¹¹

Corporate labelling policy

No public evidence identified of a TROY policy governing agricultural country-of-origin labels or settlement-origin goods in its published corporate information and product disclosures. ¹²

Payment-network compliance

TROY’s current FAQ states that its cards use payment-security protocols aligned with international standards and that card issuers apply transaction-authentication measures. ⁶

GO Secure Pay provides additional cardholder authentication for online purchases, using communication between merchants, issuing institutions, and cardholders. ⁸

TROY’s privacy notice identifies BKM as the data controller for the TROY website and refers to Türkiye’s Law No. 6698 on personal-data protection. ¹³

The CBRT’s January 2026 publication describes regulatory oversight of Turkish payment and electronic-money institutions during 2025, including supervisory and enforcement measures across the sector; that publication does not identify TROY as the subject of a particular sanction. ¹⁴

Settlement-specific payment policy

No public evidence identified of a published TROY rule expressly prohibiting or authorising merchant acquiring in West Bank settlements, East Jerusalem, or the Golan Heights in the reviewed current scheme documentation. ⁶

[pre-2020] The original Anadolu Agency article cited in the audit’s End Note 10 displays a publication date of 1 October 2015 (01 Ekim 2015) and an update date of 1 October 2015. It reports BKM General Manager Soner Canko’s announcement that TROY would commence operation on 1 April 2016. This confirms the date already given in End Note 10 but corrects the audit’s references to “September 2015 reporting” under Product origin, Research and development, Controlling principals, and Founding history. Those references should identify the cited Anadolu Agency report as October 2015 reporting. The reported April 2016 launch schedule remains supported by the original article.¹⁰

Investment, Capital & Financial Exposure

Direct investment in Israel

No public evidence identified of TROY or BKM acquiring an Israeli factory, payment processor, operating subsidiary, data centre, logistics facility, or real-estate holding in the corporate disclosures reviewed. ²

Israeli acquisitions and acquired identity

No public evidence identified of an Israeli operating company acquired or controlled by TROY or BKM in the reviewed corporate histories and current ownership descriptions. ²

Accordingly, no acquisition date, price, current controlling ownership percentage, Israeli manufacturing location, employee count, or subsidiary-specific defence relationship can be established from the reviewed records. ²

Research and development

[pre-2020] Anadolu Agency’s September 2015 reporting identifies TROY as a national payment method developed within Türkiye’s banking and financial-services infrastructure, with implementation planned for April 2016; the scheme is confirmed as continuing under BKM by its current website. ¹⁰

The current technology portfolio includes mobile contactless payment capabilities, wearable-device payment support, and QR-based payment functionality. ¹⁵

TROY’s current wearable-payment documentation describes compatibility with supported NFC devices and digital-wallet infrastructure. ¹⁶

No public evidence identified of a TROY-owned research laboratory, development centre, accelerator programme, or innovation subsidiary physically located in Israel in the reviewed product and operating disclosures. ¹⁵

Parent and beneficial ownership

The CBRT announced on 30 April 2020 that it had become the controlling shareholder of BKM under powers provided by amendments to Türkiye’s payment-system legislation. ¹⁷

TROY’s current FAQ identifies BKM as its owner and operator and confirms that the CBRT holds a majority position in BKM. ²

The same corporate material describes BKM as a partnership involving Turkish public and private banks. ²

No public evidence identified of Israeli beneficial ownership or control of TROY or BKM in these ownership disclosures. ¹⁷

Participating financial institutions

TROY’s current issuer directory includes Akbank, Denizbank, Garanti, İş Bankası, QNB Finansbank, VakıfBank, Yapı Kredi, Ziraat Bankası, and other participating institutions. ⁴

Scheme participation establishes a commercial payment-network relationship but does not by itself disclose the participating bank’s ownership percentage in BKM or establish that its investment portfolio belongs to TROY. ³

Portfolio and fund exposure

No public evidence identified in the reviewed TROY and BKM operating disclosures of a direct TROY portfolio investment in an Israeli company, Israeli-domiciled investment fund, Israeli sovereign bond, or settlement-related security. ²

No public evidence identified establishing that the TROY payment scheme acts as an investment-fund manager or holds passive minority stakes in Israeli operating companies. ¹¹

Financing the Israeli state

No public evidence identified of TROY or BKM acting as an underwriter, lead arranger, or distributor of Israeli sovereign debt or Israel Bonds in the reviewed company and regulatory documentation. ⁷

No public evidence identified of direct lending by TROY or BKM to an Israeli defence prime, settlement-active enterprise, or company identified in the UN settlement-business database in the reviewed corporate records. ⁷

No public evidence identified of TROY providing insurance underwriting for the Israeli state, military, or settlement operations in its published business-product documentation. ¹⁸

Controlling principals

Contemporaneous reporting by Anadolu Agency identifies Soner Canko as BKM’s general manager (chief executive) during the September 2015 announcement of TROY’s planned launch. ¹⁰

No public evidence identified in the reviewed ownership and historical executive disclosures establishing material personal or family-office investments into Israeli companies by the named historical executive or the currently identified controlling institutional shareholder. ¹⁷

International network relationships

TROY’s current FAQ states that cards may function abroad through international schemes identified on the card and specifically discusses Discover and Diners Club acceptance. ⁶

This establishes a mechanism for international card acceptance but provides no transaction-level identification of Israeli merchants, settlement merchants, or Israel-attributable network fees. ⁶

Operational Presence & Market Activity

Physical footprint

TROY’s official contact information places BKM at Nispetiye Caddesi, Akmerkez, Etiler, Beşiktaş, Istanbul, Türkiye. ¹⁹

No public evidence identified of a TROY-owned office, branch, warehouse, customer-support centre, or payment-processing facility physically located in Israel or the occupied Palestinian territories in the current corporate contact disclosures. ¹⁹

Domestic geographic coverage

TROY’s current website describes acceptance across Türkiye’s ATM and point-of-sale infrastructure. ²⁰

TROY’s personal-card services support card payments, ATM withdrawals, contactless transactions, and online purchases. ¹¹

TROY’s transportation infrastructure also provides contactless-payment services for participating urban public-transport operators. ⁹

International acceptance

The current FAQ explains that international card acceptance depends on the international payment-system logo shown on the relevant TROY card. ⁶

No public evidence identified establishing a specific TROY-operated acceptance network, local representative office, or proprietary point-of-sale infrastructure in Israel. ⁶

No public evidence identified establishing acceptance by named merchants in West Bank settlements, East Jerusalem, or the Golan Heights through a directly documented TROY commercial arrangement. ⁶

Employment

No public evidence identified establishing the number of employees assigned specifically to the TROY scheme in Israel or the occupied territories in the current ownership and corporate documentation reviewed. ¹

Tax and regulatory registration

The CBRT identifies BKM as a Turkish legal entity founded in 1990 and licensed as a payment-system operator under the Turkish regulatory framework. ⁷

The current TROY privacy notice identifies BKM as the Turkish legal entity responsible for personal-data processing on TROY’s official website. ¹³

No public evidence identified of an Israeli corporate tax registration, Israeli Preferred Technology Enterprise designation, or Israeli branch tax filing specifically attributable to TROY. ¹³

Market positioning

TROY’s current marketing materials present the scheme as Türkiye’s domestic payment method and emphasise the retention of payment-network fees and commissions within the Turkish economy. ²⁰

The official website also describes payment infrastructure developed and operated domestically as contributing to Turkish financial independence. ²⁰

Israeli-market characterisation

No public evidence identified of TROY describing Israel as a strategic growth market, regional headquarters, principal export market, or important operating jurisdiction in its current public corporate materials. ¹

Consumer campaigns concerning Israel

In November 2023, TRT World reported that Turkish consumers were adopting TROY during a boycott campaign against Visa and Mastercard associated with public concern about Israel’s military operations in Gaza. ²¹

The report described consumer switching and initiatives involving Turkish municipalities and institutions; it did not establish that TROY itself maintained a direct Israeli commercial or financial investment. ²¹

The current official TROY campaigns page promotes cardholder benefits and participating financial institutions. ²²

Post-19 July 2024 and post-November 2024 activity

TROY continued publicly advertising domestic and international payment services in the corporate documentation reviewed on 26 October 2026. ⁶

No public evidence identified in these disclosures establishing a specific TROY commercial transaction with an Israeli government body, Israeli defence manufacturer, or settlement merchant after 19 July 2024 or after November 2024. ⁶

Corporate Structure & Foundational Ties

Founding history

[pre-2020] TROY’s development as Türkiye’s national card-payment method was announced by BKM in September 2015, with implementation scheduled for April 2016, according to contemporaneous Anadolu Agency reporting. ¹⁰

Its operation under BKM continues according to the scheme’s current official corporate description. ¹

Legal identity

TROY is identified by its operator as a card-payment system owned by BKM rather than as a separately incorporated Israeli company. ²

BKM was established as a legal entity in Türkiye in 1990. ⁷

Headquarters and domicile

BKM’s current published address is in the Beşiktaş district of Istanbul, Türkiye. ¹⁹

No public evidence identified of a current or historical Israeli headquarters or principal place of management for the identified TROY scheme in the official history and contact materials reviewed. ¹⁹

Israeli-Nexus Floor factual tests

Founded in Israel: The official corporate history identifies establishment in Türkiye in 2016. ¹

Headquarters or principal management in Israel: The published operator contact address is in Istanbul. ¹⁹

Israeli tax residency or Preferred Technology Enterprise status: no public evidence identified in the reviewed corporate and regulatory information. ⁷

Israeli beneficial ownership or control: The identified controlling shareholder is the Central Bank of the Republic of Türkiye. ¹⁷

Acquired Israeli operating identity: no public evidence identified in the reviewed operator ownership and corporate history documentation. ²

Government ownership

The CBRT became BKM’s controlling shareholder on 30 April 2020 and identified BKM as a systemically important payment-system operator. ¹⁷

The CBRT’s official BKM description identifies BKM’s domestic clearing and settlement role and its payment-system operating licence. ⁷

Government contracts and institutional integration

The documented BKM structure establishes direct institutional links to Türkiye’s central-bank-controlled payment infrastructure. ¹⁷

No public evidence identified of an Israeli government ownership stake, Israeli government-appointed director, Israeli government procurement contract, or Israeli critical-infrastructure designation concerning TROY in the reviewed corporate disclosures. ²

Structural governance mechanisms

The established governance relationship is CBRT controlling shareholding in BKM. ¹⁷

No public evidence identified of an Israeli government golden share, founder-voting mechanism, shareholder veto, or charter restriction tying TROY to Israeli state objectives in the reviewed ownership records. ¹⁷

Group attribution

The identified operator is BKM, and its current ownership disclosure places it under CBRT majority control. ²

No public evidence identified establishing an Israeli operating subsidiary or Israeli-controlled sibling company within TROY’s disclosed corporate operating structure. ²

The official TROY media centre provides public communications concerning the scheme but does not establish a separately identified Israeli corporate subsidiary. ²³

TROY’s official operator documentation identifies the audited target as Türkiye’nin Ödeme Yöntemi (Türkiye’s Payment Method), a Turkish card-payment scheme established and operated by Bankalararası Kart Merkezi A.Ş. (BKM), the Interbank Card Center. The operator’s FAQ expressly identifies TROY as a card-payment system owned by BKM, whose majority shareholder is the Central Bank of the Republic of Türkiye. This confirms the audit’s existing Target identification, Entity scope, and Legal identity statements. The primary records identify BKM as the operating legal entity and TROY as its payment scheme; they provide no evidence that TROY is a separately incorporated company.^{1, 6}

Profit Repatriation & Economic Contribution

Revenue attribution

TROY presents itself as a Turkish national payment network serving cardholders and participating financial institutions. ¹

No public evidence identified of a separately disclosed TROY revenue line attributable to Israel or to merchants operating in the occupied Palestinian territories in its current corporate and commercial documentation. ¹⁸

Profit flows

TROY’s current corporate materials state that the scheme is intended to retain card-transaction fees and commissions within Türkiye. ²

This is the operator’s stated economic objective and does not constitute an audited reconciliation of every cross-border transaction, interchange payment, or international-network fee. ²

No public evidence identified establishing direct repatriation of TROY operating profits into Israel or dividend payments from an Israeli subsidiary to BKM in the reviewed ownership and operating disclosures. ¹⁷

International payment-network flows

TROY’s international acceptance model relies on additional international card schemes carried on eligible payment cards. ⁶

The current public FAQ does not quantify payment volumes, interchange fees, scheme fees, or other settlement amounts specifically attributable to Israeli merchants or financial institutions. ⁶

Domestic economic role

The CBRT’s April 2020 announcement described BKM as systemically important for Turkish payment systems. ¹⁷

The CBRT’s official description identifies BKM as the operator of a domestic clearing and settlement system serving transactions among participating institutions. ⁷

TROY’s corporate website describes its role as supporting domestic payment infrastructure and reducing external dependence on foreign card-payment networks. ²⁰

Turkish card-market context

In September 2024, CBRT researchers described a substantial transition from cash to payment cards in Türkiye, including increased adoption of contactless payment technologies. ²⁴

A July 2025 CBRT research article further documented the role of changing payment preferences in the growth of Turkish card spending. ²⁵

These CBRT studies address the wider Turkish card-payment market and do not provide an Israel-specific revenue figure for TROY. ²⁵

Economic links to settlements

No public evidence identified of revenue attributed specifically to West Bank settlements, East Jerusalem settlements, or Golan Heights settlements in the reviewed TROY commercial disclosures. ¹⁸

Israeli financial-sector contribution

No public evidence identified of TROY directly purchasing Israeli sovereign debt, providing settlement-development finance, underwriting Israeli state or military operations, or operating an Israeli investment fund in the reviewed scheme and operator disclosures. ⁷

Limits of available financial information

The reviewed public documents establish a Turkish-controlled payment-network operator and describe its products and market functions, but do not establish a complete geographic breakdown of TROY’s international payment flows. ⁶