BABB Signs UK Mobile Banking Deal

Blockchain-based banking startup BABB has an agreement with banking and payments solutions provider Contis Group to use its white-label banking license and banking services infrastructure in a mobile banking app.

BABB is creating a banking platform using the ethereum blockchain to implement a distributed ledger using smart contracts technology. The deal with Contis allows BABB to offer UK mobile market bank accounts, and will allow future BABB licensees to do the same.

The first stage of the BABB-Contis partnership will cover the integration of BABB’s blockchain banking platform with Contis’s banking services infrastructure and payment solutions

BABB claims its banking platform will aid banks and other clients to leverage social connectivity and money in new ways while offering security, privacy with more control, and transparency.

“We are very excited to have Contis Group join our effort in building the banking platform of the future,” said BABB CEO Guido Branca in a statement. “I believe BABB’s plan to build a platform to offer banking services to everyone, through the blockchain and the latest mobile technology, will both provide new features not seen in the high street banks and include many who have been excluded from the traditional financial system.”

“We see BABB’s vision to create a banking platform that can open a bank account with just a selfie and voice as very powerful innovation,” said a statement from Contis Group chairman and founder Peter Cox.