Based on the banking license of its subsidiary Bank biw, FinTech Group will provide technological infrastructure such as its core banking system as well as highly automated processes.
In addition, XCOM, FinTech Group’s IT system provider, is bringing its high-performance servers and software development services to the technology partnership.
Both parties plan to develop joint banking business models at an EU level. To achieve this, Rocket Internet brings its expertise in online marketing, user experience, front-end design, internationalization, and the development of scalable business models. FinTech Group and Rocket Internet have also agreed not to disclose the details of their common European goals.
FinTech Group CEO Frank Niehage said: “We are pleased to have found the perfect partner for creating digital banking services in Europe. FinTech Group’s profile in financial services and the expertise of Rocket Internet in creating scalable, disruptive business models fit together perfectly. We will make this cooperation a success and participate mutually.”
Bank biw AG is one of the most successful white label banks in Germany and holds an EU bank passport, which allows it to offer banking services in all countries of the European Union. B2B customers range from renowned financial institution to young startups.
Thanks to highly automated processes, customers can access banking services such as account management, payments, lending and trade execution quickly and simply.
As a full-service bank under the supervision of the German Federal Financial Supervisory Authority (BaFin), biw AG bank complies with the highest regulatory requirements and provides its liability umbrella to customers, which means that customers do not necessarily need their own banking license, saving time and money.
XCOM, which recently opened a new major data center, provides cutting-edge technology and high-performance data processing capabilities.
The high load capacity of the IT systems was recently proven, following the effects of Brexit on the financial market. XCOM also develops and provides support for bespoke software solutions for renowned German and international companies.
These services can help Rocket Internet to rapidly establish innovative business models on the market with an experienced technology partner.
