Daxsen Group to launch new digital bank in Ecuador

Ecuador’s Daxsen Group is set to launch a new digital bank in the country named Daxsen Bank, supported by its investment management firm Daxsen Capital.

Daxsen Group to launch its own digital bank

With Daxsen Bank, the firm intends to reduce operational and transactional costs to “revolutionise” the country’s banking sector.

“This is intended to be a digital bank that will open accounts at no cost and improve banking operations through the management of low-risk online products and services, such as savings accounts, salary advances and confirming,” Daxsen says.

The firm says that the project will begin in 2022 and will have two phases. The first will take place in its first year of operation and will focus on attracting local clients and promoting its products.

The second will begin in the second year of operation. Daxsen says this phase will be aimed at expansion, as it seeks to “generate correspondents in different countries, acquire portfolios from other financial institutions and expand the transactional network to provide services to third-party institutions”.

One of Daxsen Bank’s proposed products will include a payment button that will allow paying for products or services of large amounts on multiple websites or apps using funds available in any bank account without needing a card.

It will also offer debit and credit cards, as well as merchant cards through which “any brand can have its own credit card issued by a financial institution”.

The fintech firm says it will also implement one-time passwords (OTPs) to provide a second authentication layer for “critical” transactions, alongside developing a fraud and money laundering prevention system.