Orange said on August 24 that it reached an agreement on transferring the retail business of Orange Money in Romania to Alpha Bank. The deal involves the transfer of the local Orange Money digital ecosystem, which includes the mobile fintech platform, customers and product portfolio in Romania, as well as partners, suppliers and the team managing mobile financial operations.
The transaction targets only the Romanian market and will be finalized once several preliminary steps are completed, such as receiving approvals from the relevant authorities.
Orange Money customers will continue to have access to the same products, services and benefits as before, and there will be no changes in the contractual terms of the products and services offered, the company said.
“Orange Money’s strategic approach has always considered the integration of the application and its products into a banking ecosystem, and, in order to achieve this goal, we signed the transfer of the Orange Money retail business to Alpha Bank Romania,” stated Haris Hanif, CEO of Orange Money Romania.
Orange, the leader of the telecom market in Romania, launched Orange Money in 2016 as a digital alternative to traditional banking services.
Alpha Bank Romania is a member of Alpha Bank Group, one of the largest banking and financial groups in Greece. The group’s international activities extend beyond Romania to the United Kingdom, Luxembourg and Cyprus.
Source : romania-insider.com