• UBAF will now be able to collect deposits from a new market without having to set up a branch network
• The partnership demonstrates the interest of French banks in Deposit Solutions’ offer
HAMBURG | PARIS, 11 March 2020 – Deposit Solutions, the leading international Open Banking platform for deposits, and UBAF (Union de Banques Arabes et Françaises), a leading player in financing international trade between Europe, Asia and the Arab world, have concluded a partnership in the field of retail deposits.
UBAF joins the Open Banking platform of Deposit Solutions to offer term deposits to German savers through the savings portal ZINSPILOT. UBAF joins a panel of European banks that offer ZINSPILOT customers savings deposits products at different rates and maturities, without requiring them to open a new bank account. By collecting retail deposits from German savers, UBAF diversifies its funding sources without having to build and operate a branch network in Germany.
Olivier Desjardins, Chief Operating Officer at UBAF commented: "As a bank specialized in Corporate Trade Finance, UBAF creates an interesting opportunity to add retail deposits to its funding sources through the partnership with Deposit Solutions. Deposits are a flexible funding source for us and positively impact our prudential ratios. Since we do not operate our own retail infrastructure, only the cooperation with Deposit Solutions gives us access to this funding source."
Louis Dewavrin, Director France & BeNeLux at Deposit Solutions commented: "In the current context of abundant liquidity for the banking system, this new partnership shows that retails deposits still play an essential role in the financing mix of banks. I would like to welcome UBAF, whose presence will increase the diversity of the offerings on our platform."
About UBAF
UBAF (Union de Banques Arabes et Françaises) mission is to support and secure international trade flows between Europe, Asia and the Arab world in the sphere of international trade financing.
Established in 1970, UBAF has a stable ownership structure composed of Crédit Agricole (47%) and Banks and Institutions from 19 countries in the Arab World. UBAF benefits from a solid international network both in Asia (Hong Kong, Japan, Singapore, South Korea & Bangladesh) and in the Arab world (Algiers, Cairo and Dubai).
About Deposit Solutions
Deposit Solutions is a globally recognized FinTech company and the Open Banking platform for deposits. Its proprietary Open Banking technology provides an infrastructure for the global USD 50 trillion deposit market that benefits banks and savers alike. Deposit Solutions is already connecting more than 100 banks from 19 countries and additionally operates proprietary B2C Points-of-Sale (ZINSPILOT and Savedo) that market selected deposit offers of its partners directly to savers. Founded in 2011 by Dr. Tim Sievers, the company is headquartered in Hamburg, has additional offices in Berlin, London, Zurich and New York and employs a team of over 300. Deposit Solutions is backed by leading tech investors, such as e.ventures, Vitruvian Partners, Greycroft, FinLab, Kinnevik, Peter Thiel, Top Tier Capital Partners, Angel Investor Stefan Wiskemann as well as Deutsche Bank AG.
For further information please visit: www.deposit-solutions.com
