BABB App, a blockchain-based banking startup, announced that it has signed an agreement with Contis Group in a move to provide UK bank accounts, card payment services and transfers using Contis’ white-label license and banking services infrastructure, Finextra reported.
The partnership will initially cover integrating BABB’s core blockchain banking platform with Contis’ banking services and payments infrastructure. The blockchain startup, which has applied to join the second cohort of the FCA Sandbox, has planned to use the sandbox in order to test BABB-Contis integrated solution, if selected.
BABB is creating tomorrow’s banking platform in order to aid banks and its clients to leverage social connectivity and money in new ways, at the same time, offering security, privacy with more control and transparency.
“We are very excited to have Contis Group join our effort in building the banking platform of the future. I believe BABB’s plan to build a platform to offer banking services to everyone, through the blockchain and the latest mobile technology, will both provide new features not seen in the high street banks and include many who have been excluded from the traditional financial system,” Guido Branca, CEO of BABB App, stated, as reported by Finextra.
The collaboration also envisions ensuring that future licensees of BABB App banking platform can immediately offer UK bank accounts under Contis’ white-label banking license.
“Contis is one of the true Fintech stars, with numerous awards to its name and a proven track record of delivering disruptive technology in the payments space. We are very excited to join forces with BABB to launch this revolutionary app that will bring financial inclusion to the masses,” Peter J Cox, Exec Chairman, Contis Group, commented. “We see BABB’s vision to create a banking platform that can open a bank account with just a selfie and voice as very powerful innovation.”
In February 2017, BABB App announced that it is building a bank that is based on the implementation of permissioned blockchain using Ethereum Smart Contracts banking platform.
