Expect to see many more of these Telco, FinTech and Bank Partnerships! Banks and Telcos have the customers, the start-ups the tech and CeX
Telefonica Germany is to launch a mobile banking service using white-label technology supplied by Fidor Bank. Slated for launch in Germany in late summer, 02 Banking will use Fidor's cloud-based infrastructure for its back-end technology. It will onboard customers using a video link for documentation checks via smartphone and permit P2P account transfers from the mobile-only account using the recipient's phone number. The account comes with an 02 MasterCard for cash withdrawals and shopping, and a financial planning tool to provide an overview of spending. Under the partnership, Fidor Bank provides 02 with a banking licence that is valid throughout Europe, along with individual customer, card and transaction services.
