Fintech Group signs Kommunalkredit

Source: FinTech Group

FinTech Group AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) has won Kommunalkredit Austria AG as a new major B2B client, both sides announced today. FinTech Group cooperated closely with Kommunalkredit to launch a comprehensive and fully digital platform for KOMMUNALKREDIT INVEST, a new deposit offering tailored to retail customers, in a matter of just a few months.

Initially, KOMMUNALKREDIT INVEST will be offered to B2C customers in Austria. An expansion to the German market is also planned.

Kommunalkredit is a specialist bank for infrastructure financing based in Vienna, with a branch office in Frankfurt am Main. Its new online offering KOMMUNALKREDIT INVEST targets retail investors, who want to deposit their savings at attractive conditions. Their funds will be used to support key infrastructure investments made by Kommunalkredit such as schools, hospitals, care homes, wind farms, solar energy installations, waste-to-energy facilities, and transport projects.

FinTech Group provides a broad range of fully digital solutions and interfaces for KOMMUNALKREDIT INVEST: they include frontend processes such as online account openings, e-banking, and identification solutions such as video identification, e-signature and mTAN. On the backend side, FinTech Group will also run a data warehouse and carry out compliance monitoring as well as regulatory reporting.
“We have decided in favor of FinTech Group because they have long-standing experience in business process outsourcing. It allows us to launch KOMMUNALKREDIT INVEST into the market quickly by forgoing long development periods and to offer our customers fully digital and progressive solutions, which the retail customers of today expect to have,” says Alois Steinbichler, Chairman of the Executive Board of Kommunalkredit Austria AG.

“Technology accelerates change in the financial industry: we are pleased that we can prove this together with Kommunalkredit by launching this very attractive B2C offering on the basis of our modular banking platform. We have won a new major customer. On top of that, we can also help in the financing of communal infrastructure projects in Europe, which everyone will benefit from,” says Frank Niehage, CEO of FinTech Group AG.

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