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This bank is expanding: How will the digital work?

Within the digital commitment of the Spanish holding company, it was also announced that Openbank, a 100% digital bank, will take 10 new markets. In Chile they already have the brand registered.

London, the chosen one

London was the place chosen by the executive president of the Santander group, Ana Botín, to gather the investors of the financial company and to announce the plans that the financial holding will develop in the coming years.

One of the announcements made yesterday by Botín was the expansion of the means of payment service of its Brazilian subsidiary Getnet, to create the global payments platform for merchant services Global Merchant Services.

The maximum executive of the Spanish entity specified that the first market where they will arrive will be Mexico, to then continue for the rest of Latin America and Europe.

What is going on at a local level?

At a local level, the bank chaired by Claudio Melandri has made clear in the last time the intentions of Santander to advance in the industry of means of payment in Chile.

Part of that plan is the mandate given to Credicorp Capital to sell its stake in Transbank, as well as other support companies to the bank transfer.

Melandri himself said late last year that his arrival in the payment system “will be imperceptible” in the face of customers.

In addition, the company assured market analysts that there will be no significant changes in its revenues once the operation is launched.

Getnet is part of Santander since 2014 and has in Brazil more than 500 thousand associated businesses. The company offers technological services similar to those offered in Chile by Transbank, including POS solutions, electronic fund transfers and e-commerce solutions.

Consulted the bank on when the arrival of this service to Chile will materialize, declined to refer to the subject.

Ana Botín’s files

The bet given to know by Botín is framed in accelerating the process of digitalization of the group by which they will invest near USS 22,000 million. One of the cornerstones of this transformation will be the payment platforms.

Other initiatives that will be promoted will be One Pay, which is already available in Chile for corporate clients and which consists of international transfer solutions using technology blockchain. The entity expects it to be available in the United Kingdom, Germany and Poland for individuals and SMEs in the short term.

They also prepare the launch of a global trade platform, Global Trade Services, to become a reference partner for SMEs doing international business.

About Openbank

Grupo Santander is also preparing to take Openbank, a 100% digital bank, to 10 new markets in the medium term to reach at least two million customers.

Although it was not specified to which countries the digital bank could arrive, Santander has registered the Openbank brand in Chile before the National Institute of Intellectual Property.

The Iberian group reported that it will also have a simpler organizational structure, creating three regions and Chile will be under the responsibility of Sergio Rial, who will be in charge of all of South America and report to the holding’s CEO, José Antonio Álvarez.

On Chile, Ana Botín said that she expects the local operation to improve its levels of profitability and that the return on tangible assets will reach between 19% and 20% in the medium term.

Published inFintech

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