Fintech Group and FMA disagree

I think it is unfortunate that Österreichische Post AG (Post) and Fintech Group AG do not become partners. Imagine that Fintech Group AG did not even apply for a banking license from the German Financial Markets Authority (FMA), because (as I told you here) the only possibility to wait two years (according to the group Fintech , it was the FMA thus communicated), the agreement with the post office (which wanted to start in 2019 as a partner) would have burst. However, the FMA says that a dealership procedure would never have been that long.

FMA spokesman Klaus (Grubelnik) told me that, ideally, a green light would be given to a concession procedure after six months. "But all documents must be consistent," says Klaus. You may remember the Bank for the Common Good (read here), which failed after a much longer wait than a year with its application for a license as a payment institution.

According to spokesman Jörg (Peters), the fact that Fintech Group AG did not operate with its German license in Austria is due to the fact that Swiss Post has insisted on the Austrian concession. And so the circle closes.

If you ask me, Volksbank Wien AG will again be involved as a Swiss Post partner. Remember! For the direction of the Volksbank, Gerald (Fleischmann) came to cooperate "two years too early", as he had betrayed me in July. 2020 looks like a good year for a fresh start. What do you mean? Post-CFO Walter (Oblin) is now required as chief negotiator.