“We are born digital and to support the country”
“Any country needs a strong financial institution and we aspire to do so,” 11Onze’s chief financial officer Oriol Tafanell says. In the interview on Teve.cat’s L’Estat de la Nació, he also explained why it is so important to create a fully digital fincom to achieve financial independence.
Just for starters, Tafanell highlighted 11Onze’s differentiating feature as the way it deals with customers. “It has nothing to do with traditional banking. More than serving customers, we accompany a community on an adventure. And this means welcoming and helping in any way we can,” he said. Therefore, the first step for anyone who wants to join the 11Onze community is to become a member of La Plaça. After that, they will have to download our super app El Canut, through which “not only can you manage your account, but you can also incorporate other accounts with other entities in a single space.”
“We have just launched and, from now on, we will be launching more products, such as cryptocurrencies, ETFs, i.e. investment packages, but always putting transparency first. For us, there is no small print. We have the prices very well explained. Let’s not fool ourselves, there is no such thing as free services,” the chief financial officer argued. Tafanell also stressed that 11Onze is a fincom, a community fintech.
“At 11Onze we were born digital and we do not work like traditional banks, but, as we are a fintech, we work with electronic money institutions. These entities are highly regulated by the European Union,” Tafanell says. In fact, the money that remains under the umbrella of these entities, the so-called EMIs, is 100% insured, because it does not form part of the financial entity’s balance sheet, as it does in traditional banks. EMIs cannot invest with our savings either. “It is money that is very well protected,” the chief financial officer says.
A solvent project linked to the country
“When we have a Spanish licence, we will be under the influence of the Bank of Spain, but this is not our case. We are offering people to diversify their money in IBANs in different EU countries. We have started with Bulgaria, because it has a more solvent central bank than the Bank of Spain and we work exactly the same way with it,” Tafanell clarifies in response to possible doubts about the security of having savings outside Spanish reach.
“Our project is closely linked to Catalonia, because any country needs a strong financial institution. When we achieve this, and this is what we aspire to, we will do many more things,”the chief financial officer said. For this reason, 11Onze has a five-year service plan. “Our great aspiration is to be a community fintech, where people help each other,” Tafanell concluded.
11Onze is becoming a phenomenon as the first Fintech community in Catalonia. Now, it releases the first version of El Canut, the super app of 11Onze, for Android and Apple. El Canut, the first universal account can be opened in Catalan territory.
If you liked this article, we recommend you read:
We are a fincom3 min read
For months we have been explaining what we are and why we are like this.
“11Onze is a financial hub”1 min read
11Onze is much more than a Catalan fintech: it is a financial