Orange to launch mobile banking service in France next year

Orange, Groupama, mobile, banking

Orange has announced plans to launch a mobile banking service in France next year, as part of a partnership with insurance company Groupama.

The two companies have entered into exclusive negotiations that could see Orange take a 65 percent stake in Groupama’s existing banking service, which was founded in 2009 and had 533,000 customers at the end of 2014.

Groupama Banque would then serve as the infrastructure platform for Orange Bank, which is intended to be “100 percent mobile”.

Orange said the services it plans to offer include all standard banking services as well as savings, loans and insurance services.

It hopes to launch the new service this time next year in France, followed by other European markets such as Spain or Belgium.

Orange and Groupama would use each others retail stores to promote the new bank.

The operator will lean on its experience in Poland, where it launched an app-based bank service in partnership with mbank in 2014.

Orange plans to generate €400 million of revenues in financial services in 2018 as part of its latest strategic plan.

[Read more: Orange plays it safe with connected objects, mobile banking focus in new strategic plan]

Orange CEO Stéphane Richard said: “Orange benefits from a unique combination of essential assets that will enable it to successfully launch a highly innovative, 100 pecent mobile bank.

“These include a strong brand embodying key values such as security and reliability, a solid distribution network and above all the confidence of 28 million customers in France.

“This legitimacy in the world of financial services has already materialized with the success of ‘Orange Money’ in the Middle East and Africa region, and more recently with the successful launch of ‘Orange Finanse’ in Poland.”

More News

Virgin Media warns 800,000 customers of router vulnerability Virgin Media warns 800,000 customers of router vulnerability Virgin Media is warning over 800,000 customers to update the passwords on their routers after the device was found to be vulnerable to cyber attack. More detail
Telcos urge EU to align new privacy rules with GDPR Telcos urge EU to align new privacy rules with GDPR Proposed EU rules to govern consumer data use in the electronic communications industry could hamper innovation and economic growth in the sector, according to ETNO and the GSMA. More detail
Orange Business Services hails new deal with Dubai tech unicorn Orange Business Services hails new deal with Dubai tech unicorn Orange’s enterprise arm will supply networking and contact centre services to Dubai-based ride-hailing company Careem after winning a three-year contract. More detail
Cisco looks to re-code enterprise networks with DNA upgrade Cisco looks to re-code enterprise networks with DNA upgrade Cisco has added new features to its enterprise IT network solution that use the likes of analytics and machine learning to boost productivity and improve security. More detail
Ericsson sells power modules business to Flex Ericsson sells power modules business to Flex Ericsson is selling its power modules arm to electronics manufacturer Flex as it looks to improve profitability and focus on core areas. More detail
    

@eurocomms