Openbank will open its (figurative) doors in 2019 in several countries throughout Latin America, including Argentina. Openbank is Spanish bank Santander’s 100 percent online banking platform.
According to journalist Claudio Destéfano at the publication Ristretto, Openbank Argentina’s new president will be one of the country’s most well-known techies: Google Argentina’s CEO Federico Procaccini. Just like the current president of Openbank Spain, Ezequiel Szafir, Procaccino has no experience in the financial sector. Szafir, also an Argentine, was formerly a VP of Amazon.
Openbank’s focus on hiring tech executives emphasizes the “tech” part of fintech, a growing field in Argentina, according to industry leaders.
Openbank isn’t the first online bank to operate in Argentina. Wanap and Brubank offer similar services, but with Santander’s broad influence in the Spanish-speaking world, it’s likely that Openbank will reach even more Argentines.
In Spain, Openbank’s features include 24/7 availability, savings accounts, and credit and debit cards. According to Infobae, the Argentine version will include these features as well.