Tuesday , November 12 2019
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Fintech Group and FMA are at loggerheads

I think it's a pity that Österreichische Post AG (Post) and Fintech Group AG are not partners. Imagine that Fintech Group AG did not even apply for a banking permit from the German Financial Market Authority (FMA) because (as I reported here) the only prospect of waiting up to two years (according to Fintech Group was FMA communicated) agreement with the post office (wanted starting in 2019 as a partner) will explode. FMA, meanwhile, believes that the concession procedure will never take a long time.

FMA spokesman Klaus (Grubelnik) told me that in ideal cases there is a green light for concession procedures after six months. "But all documents must be consistent," Klaus said. Maybe you remember the Bank for the common good (read here), which failed with its application for concessions as payment institutions after more than one year of waiting period.

According to spokesman Jörg (Peters), the fact that Fintech Group AG does not operate with a German license here in Austria is due to the fact that the Swiss Post insists on the Austrian concession. And the circle closes.

If you ask me, the Volksbank Wien AG is really involved again as a Swiss Post partner. Remember! For the Volksbank CEO, Gerald (Fleischmann) came to work "two years too early," because he betrayed me in July. 2020 seems like a good year for a new start. What do you mean Post-CFO Walter (Oblin) is now needed as the head of the negotiator.

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