Deposit Solutions, the operator of an open banking platform for savings deposits, has been appointed to the Center for the Fourth Industrial Revolution in San Francisco, a press release said Thursday (October 18, 2018). Founded in 2017 by the World Economic Forum (WEF), the inclusion in the centre marks a first for a European fintech. Together with giants such as Microsoft, SAP and IBM and innovative tech companies, Deposit Solutions will help identify the opportunities and impact of digitalisation on politics, business and society. This is part of efforts to remove barriers to digital trade and will see the fintech draft proposals for framework conditions and best practices and develop approaches for politics and governance in new technologies.
Global co-operation in digitalisation
Murat Sönmez, Head of the Centre for the Fourth Industrial Revolution, said: “The fourth industrial revolution is a cross-sectoral revolution that is changing the way the economy operates. This also applies to the banking and fintech industries. We are delighted that Deposit Solutions will make a valuable contribution to the debate on Open Banking and the future of the industry in our global network.” The competence centre links up companies, governments, civil society actors and experts for global co-operation in digitalisation. The common goal is to promote political framework conditions that accelerate the benefits of technological change and digitalisation and minimize the impact and risks for society.
Deposit Solutions valued at USD 500 million
As part of the Centre for the Fourth Industrial Revolution, Deposit Solutions is involved in the working group “Digital Trade and Cross-Border Data Flows”. Other projects include artificial intelligence and machine learning, autonomous and urban mobility, blockchain, the Internet of Things (IoT) and new production technologies such as robotics and 3D printing.
Deposit Solutions claims to connects more than 70 banks from 16 countries and operates the B2C channels Zinspilot and Savedo, through which it markets select deposit products from partners to savers. Founded in 2011 by Tim Sievers, the Hamburg-based company has offices in London, Zurich and Berlin and employs 250 people. The open banking pioneer was recently valued at USD 500 million in the USD 100 million investment round.