Former ING Direct chief launches Canadian mobile banking service

Former ING Direct chief launches Canadian mobile banking service

Former ING Direct CEO Arkadi Kuhlmann has launched a mobile banking service in Canada that promises to cater to "citizens of the world" through a multi-currency savings account.

Kuhlmann, who set up ING Direct in Canada in the late 1990s before taking the direct bank to the US, has teamed up with Duca Financial Services Credit Union for his latest venture.

The ZenBanx account lets customers save in up to five of nine currency positions, exchanging among them at will. Users can also send money to friends and family overseas, attaching photos and celebration-themed messages for milestones such as birthdays, anniversaries, and births.

Meanwhile, a 'Red Envelope' programme, based on Chinese tradition, enables free money transfers within Canada, with the sender simply entering the email address of the recipient, and the amount to send. Transfers are funded from any third-party bank account in Canada and deposited to the bank account of the recipient.

"You and I can move freely around the world, but moving money has become costly and tedious. By making money mobile within a regulated banking environment, we can match customer's needs for cheap, convenient and secure international money transfers," says Kuhlmann.

Comments: (3)

Brett King
Brett King - Moven - New York 27 January, 2015, 16:57Be the first to give this comment the thumbs up 0 likes

Citizens of the world, that are citizens of Canada

A Finextra member
A Finextra member 27 January, 2015, 17:38Be the first to give this comment the thumbs up 0 likes

Yes - he states in the National Post that "... he isn’t promising to replicate the cross-border success of ING Direct."  Too bad...

http://business.financialpost.com/2015/01/27/ing-direct-founder-back-with-new-mobile-banking-venture-zenbanx-canada/

A Finextra member
A Finextra member 27 January, 2015, 23:15Be the first to give this comment the thumbs up 0 likes

I work at ZenBanx, and wanted to clarify a couple of things. ZenBanx is launching their Purple Ribbon Program (a Beta program) in Canada first (http://bit.ly/ZenBanxInvite). They will be launching in other countries sometime in the near future, so stay tuned! 

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