Madrid, 15/07/2020. Bankia, through ‘Bankia Fintech Venture’, has acquired 20% of the capital of Finweg, a fintech platform that develops new electronic payment methods based on blockchain technology and enables to manage contracts between companies.
It is the first company in which ‘Bankia Fintech Venture’ has taken a stake since its creation in October 2019. With this investment, Bankia supports entrepreneurship in services that are part of its business, such as payments and relationships between companies. , but with a disruptive approach in terms of the technology used, the service proposal and the new business models that may arise.
The Corporate Director of Innovation and Cybersecurity of Bankia, Ignacio Cea, highlighted “the bank’s satisfaction with the alliance with Finweg, especially in the current context in which collaboration with the fintech sector is important to successfully address the challenges facing the financial sector today.”
For his part, Enrique Olivera, CEO of Finweg, stated that “with this demonstration of trust by Bankia, Finweg reinforces its capabilities to introduce its blockchain payment method solutions to the financial market. This commitment of Bankia is an important step towards a technology that is here to stay ”.
Finweg is a unified platform that allows comprehensive management of the entire life cycle of contracts between companies, providing a global vision of their status to all the actors involved, according to the rules and regulations of the relevant agencies.
It is also characterized by developing a decentralized and collaborative process, since its configuration reduces the need for information processing and exchange between entities by working with the same smart contract model.
Transactions are completed by all actors in real time on a common platform, which allows all participants to have the information at the time it occurs.
In addition, all events are registered, at the same time guaranteeing the privacy and confidentiality of the information, and all this with enhanced security thanks to the protection mechanisms of blockchain technology.
For example, through Finweg’s Platform you can make payments to suppliers, payments conditional on an event, advanced direct debit, electronic letters of credit or management of guarantees, as well as having an agile platform for invoice discounts.
Finweg was a finalist in the IV edition of Bankia Fintech by Innsomnia, the startup’s accelerator for the financial institution, and has successfully implemented a proof of concept that has permitted to verify the functionality of the entire cycle of 100% electronic promissory notes and checks.
‘Bankia Fintech Venture’
In October 2019 Bankia launched ‘Bankia Fintech Venture’, an instrument through which the entity plans to invest up to 20 million euros over a five-year period in fintech projects developed by startups in the financial sector.
Among the verticals in which startups will work include fintech, legaltech, insurtech, regtech, proptech, data analytics and cybersecurity, as well as operational and financial intermediation.
For Bankia this initiative represents the promotion of an innovative culture and is a tool that enables the financing needs of startups so that they can develop services related to innovation and technology, which are highly complementary to the bank’s core activities.
Finweg develops new Digital Payment Solutions on Blockchain technology to facilitate the offer of services provided by financial institutions. Its team has over 20 years of experience in the development and implementation of technology and solutions for payment processing, covering the entire process from its deposit, back-office validations and presentation to the Clearing House, in high production environments in Spain, Latin America and the USA.