PARAM

A rising Star from Turkey

Param is widely known in Turkey for the various solutions, including the ParamCard and their POS service, which has helped people move from a complicated traditional payments model to a more refined cashless one. Founded in 2001, Param was originally a software and hardware company catering specifically to the legal sector. However, in 2004, they decided to focus on financial technologies and set their sights on developing payment systems. This decision brought about the company’s best.

Market research revealed that financial technologies and electronic money would be shaping the future of the world. Thus when the concept of Fin-tech started to garner curiosity in the Turkish Community in 2013, Param used their research and understanding of consumer and business trends to establish themselves as a leader in financial technologies and set upon a new path to grow their company.

Charging into the future

“The world will never stop changing” – is Param’s motto. They understand that a significant turn can come at any point, and it’s important to anticipate changes and take initiatives to adapt and stay afloat in the ever-changing market.

Param has already made a bold stand in the Turkish Fin-tech market and plans to grow both in Turkey and spread its wings worldwide. Now, with their U.K. license complete, they’re on a mission to enter the USA’s Fintech market and aim to provide infrastructure to US banks in card systems as well as providing services in the field of electronic money. Their experience in electronic money and payment systems is bound to help them expand in global markets.

A beacon of hope for many in turkeys fintech world, Param has changed many lives and is undoubtedly a source of inspiration for those aspiring to enter the fintech business.

People’s Company

One of the most admirable things during the pandemic is how well they have coped with the COVID-19 crisis. Despite thousands of people losing jobs, Param has treated each of their employees as a family and have helped them adapt quickly to the rapidly changing world. Because all their services are digital, Param followed the strict ‘stay at home’ guideline. They are currently working on a hybrid work model and are encouraging collaboration and virtual team-building activities to keep the morale up.

Work-Life Balance

When asked about the quintessential issue of management work and family life, Cohen said, “balance is always a struggle for any entrepreneur, so it’s never easy. I didn’t want my kids to grow up and say they never saw me and I was never around. So, it was tough, but I tried to always keep close and do things with them and have a great relationship with them both”. Cohen is very much a family man. He is the father of 2 wonderful kids and loves spending time with them along with Alesja his wife from his second marriage who has been his rock and soulmate for 12 years. The elder of the siblings, Georgina, is a professional Skeleton athlete while Jamie is a Hedge fund operations manager and heading to Oxford to study for an MBA. He loves traveling and has visited over 50 countries and covered 20 states in the US. He has camped around the Grand Canyon, hugged a redwood (as you do), skied in Colorado, and more. Manny has loved Italy since his first holiday with Alesja at Lake Como and is already looking forward to his next big holiday for which he has arranged a chalet in Finland to enjoy the northern lights

Unique Prople Approach to Technology

Param became the first company to establish the Turkish Electronic Money System in 2014. Their primary motivation was to develop technology that could facilitate the growth of a ‘cashless world’. This motivation brought them to the cornerstone that established them as a significant player in the finance and technology industry: electronic money institution license.

They were the first company to obtain a license to operate an electronic money institution in Turkey in 2014. Their dedication, hard work, and unflinching commitment were the factors that led to their success.

Param launched the Turkish Financial Technological Company in 2016 and Turk Holding A.S. in 2018. These two establishments laid the foundation for Param’s future goals and vision and helped create the brand that we now know.

As a fast-growing Fintech company, Param always aimed to help the general public just as much as they wanted to help institutions. ParamCard, currently the most popular financial transaction method, has helped countless individuals’ transition to a cashless society. It’s taken Param less than five years to reach an astonishing four million ParamCard users. Their partnership with 100 different brands worldwide provides users with countless shopping opportunities. Instead of carrying cash or multiple credit cards, a customer instead carries only the ParamCard and be guaranteed just as many, if not more benefits.

Param has also made history by creating the first digital loan platform in Turkey – ParamLoan. Open for everyone from small business owners to salespeople, ParamLoan is bridging the gap between the financial and technological world. Saving the time we would usually spend filing documents and going to banks, ParamLoan provides a new generation of financial services accessible to everyone with smart use of technology.

The most significant advantage of ParamLoan is that it is customer-centric. Whether it be for payment, EMIs, or loan terms, the system provides customers with the best possible deal. With the growing digitization of all platforms, Param was one of the first to understand small business and women’s needs and the difficulties faced while managing a digital business in a cash-only world. Keeping these small business owners’ needs in mind, they launched a point of sale (POS) service.

The POS service is created specifically for customers who provide goods and services on social media platforms. Conventional payment methods can become difficult, and hence Param’s POS service is a solution that makes money collection simple for everyone. The POS system has solved many business owners’ problems as it requires only a link to transfer funds.