German-based FinTech Group has collaborated with Rocket Internet, a German internet company, in order to launch strategic technology partnership.
The release said that, the companies have agreed on a comprehensive technology partnership to create digital banking services in Europe. As an initial step, FinTech Group AG is developing a digital bank for Rocket Internet.
FinTech Group will provide technological infrastructure including its core banking system and highly automated process, based on the banking license of its subsidiary Bank biw AG. Apart from this, the group’s IT system provider XCOM AG is offering its high performance servers as well as its software development services to the technology partnership. These services can help Rocket Internet to rapidly establish innovative business models on the market.
“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," Frank Niehage, CEO of FinTech Group AG said.
In order to achieve the digital banking services in EU level, Rocket Internet is bringing its expertise in fields including online marketing, user experience, front-end design, internationalization, and the development of scalable business models. Both the parties have decided not to disclose the details of their common EU goals.
FinTech Group AG is an innovator and established market leader in the German online brokerage market. Its goal is to become the leading financial services technology companies in Europe through a comprehensive transformation and growth process. The focus is on business models with sustainable, above-average growth and rapid market penetration.
