Istanbul, with its regulated markets and structure, is a candidate to become a global financial center, international economist Cornelia Meyer said on Monday at the fifth Istanbul Finance Summit (IFS), a two-day meeting to discuss innovation in Turkey.

"Global financial centers should constantly improve their products and invest in innovation. Istanbul is a city ready to become a finance hub," Meyer said. "Strengths in culture and diversity of the city should be emphasized in order for Istanbul to become an effective financial center."

Turkey Deputy Prime Minister Ali Babacan said that the Istanbul Finance Center (IFC), one of 26 transformation projects in Istanbul, is more than a real estate project. An action plan regarding the IFC will be announced in the end of October.

Babacan also commented on lease certificate issues recently started by private sector and said he supports interest free finance and capital tools.