Bankia has acquired 20% of the capital of the Fintech platform Finweg through Bankia Fintech Venture, which develops electronic means of payment based on blockchain technology and that enables the management of contracts between companies. This was reported by Merca2 from Spain on July 15th.
According to the Merca2 article It is the first company in which Bankia Fintech Venture has been involved since its inception in October 2019. “With this investment, Bankia is supporting entrepreneurship in services that are part of their business, such as payments and relationships between companies, but which may disrupt technology, service proposal, and new business models,” said the publication specified.
Bankia’s innovation and cybersecurity director, Ignacio Cea, highlighted the alliance with Finweg, taking into account that there is a context in which working with the fintech sector is important to address the challenges of the financial sector.
Enrique Olivera, CEO of Finweg, meanwhile said:
“With this trust from Bankia, Finweg is strengthening its ability to launch its blockchain payment method solutions in the financial market. This commitment from Bankia is an important step in the direction of a technology that is preserved. “
The Merca2 article states:Finweg is a unified platform that enables comprehensive management of the entire life cycle of contracts between companies and offers all actors who intervene in accordance with the rules and regulations of the responsible bodies a global vision of their status.“”
“It is also characterized by the development of a decentralized and collaborative process, since its configuration reduces the processing requirements and the exchange of information between companies by working with the same intelligent contract model,” they added later in this medium.
Transactions are completed by all actors on a common platform. This, in turn, enables participants to access the information as it is created.
On the other hand, They highlighted the level of registration, privacy and confidentiality of information thanks to the mechanisms provided by blockchain technology.
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