Structural transformations driven by digitalization, sustainability, and governance are now shaping the functioning of financial systems in a multidimensional manner. In Türkiye, this transformation has made increasingly evident the need for research infrastructures that address finance not solely within a theoretical framework, but in conjunction with its applied, policy, and institutional dimensions. The establishment of CARF is a direct response to these evolving needs.
CARF was originally established in 2014 as an applied research and education initiative focused on capital markets, financial decision-making, and market infrastructure. From the outset, the center developed strong links with regulators, financial institutions, and market practitioners. This engagement-oriented approach distinguishes CARF from purely theoretical research units and remains central to its identity.
As global and national priorities changed, particularly with the rise of sustainability agendas, digital finance, and governance reform, it became increasingly clear that finance could no longer be examined in isolation. Environmental risks began to influence credit allocation and investment decisions; technological innovation reshaped payment systems and capital markets; and governance standards emerged as a key determinant of trust. These developments led to a strategic reconfiguration of CARF.
Institutional consolidation and interdisciplinary structure
In 2023, CARF was reorganized through the consolidation of several long-standing research and application centers within Boğaziçi University. This process brought together complementary areas of expertise under a single institutional structure. The combined units included:
- Center for Applied Research in Finance (CARF) – contributing expertise in capital markets, financial modeling, market microstructure, and applied financial analysis.
- Center for Corporate Governance and Financial Regulation – providing a governance-oriented perspective on regulation, transparency, institutional design, and policy frameworks.
- Center for Sustainable Development and Cleaner Production – adding environmental science, lifecycle assessment, resource efficiency, and sustainability methodologies to the research portfolio.
Rather than operating as parallel units, these centers were structurally integrated into a single interdisciplinary research infrastructure. The objective was to enable joint research agendas in which financial analysis, environmental impact, governance mechanisms, and technological systems could be examined together, within a coherent institutional framework.
Recognition under Law No. 6550
A major milestone in this transformation was CARF’s recognition in 2025 as an Advanced Research Center under Turkish Law No. 6550, which governs national research infrastructures. This designation marked a transition from a university-based applied research center to a nationally recognized research entity with longer-term strategic mandates, performance targets, and governance responsibilities.
The 6550 framework emphasizes interdisciplinarity, sustainability, and national relevance. For CARF, this translated into a formal mandate to produce applied research that supports Türkiye’s economic and institutional transformation, while remaining aligned with international research standards and global policy discussions. Governance under this framework involves academic leadership alongside structured engagement with public institutions and the private sector, reflecting the applied nature of the center’s work.
Core research domains
CARF’s research activities are organized around three closely connected domains.
Financial Technologies and Blockchain constitute the primary focus area. Research in this domain goes beyond technical implementation to examine economic, regulatory, and institutional implications. Topics include digital assets, tokenization, stablecoins, payment systems, regulatory technology (RegTech), and the impact of decentralized systems on trust and market structure. The emphasis is on understanding how technological innovation reshapes financial governance and systemic risk.
Sustainability and Finance form the second core domain. CARF’s work in this area moves beyond ESG reporting to address the financial architecture required for climate transition and sustainable production. Research covers carbon markets and emission trading systems, green and sustainable finance instruments, lifecycle-based impact assessment, and the financial consequences of environmental regulation and resource constraints.
Finance and Corporate Governance provide the integrative layer connecting technology and sustainability. Research focuses on governance standards, transparency, risk management, capital market development, and institutional credibility. This domain examines how governance structures determine whether sustainability commitments and technological innovation translate into durable economic outcomes.
Applied orientation and capacity building
A defining characteristic of CARF is its applied research orientation. Projects are typically designed with clear end-users in mind, including regulators, public authorities, financial institutions, and industry stakeholders. Academic rigor remains central, but research questions are framed to ensure practical relevance and policy usability.
CARF researchers contribute to national and international projects in areas such as environmental and social due diligence, sustainable finance frameworks, financial regulation, climate risk assessment, and infrastructure finance. Alongside research, the center places strong emphasis on capacity building through training programs, seminars, and research-based education initiatives aimed at graduate students, professionals, and public sector experts.
Knowledge dissemination is approached with care, balancing transparency with the confidentiality requirements of applied research and policy advisory work.
