Neobank SOL Wallet launches in South Africa

FinTech startup SOL Wallet has launched its mobile and web banking offering in South Africa.

SOL Wallet’s digital platform allows users to manage multi-currency accounts online, buy and sell currencies, trade cryptocurrencies, send money to friends and use its SOL card for in-store purchases.

SOL is currently conducting closed beta testing in South Africa and is set to open up its products to public in March 2019. The company recently launched the web version of SOL wallet for cryptocurrency trading and announced a strategic partnership with mobile payments platform wiGroup.

“Traditional banks are good as custodians for your money, but are not that good in solving your everyday payment needs,” said SOL Wallet CEO Boris Frischter.

“They charge high commissions and over-complicated fees while not providing customers with careful service. People are spending hours on paperwork and queues to understand their charges. We believe it’s not fair, and the bank should benefit its clients.

“So it’s time to disrupt traditional banks by doing the same things easy and cheap with the help of technology.”

Last week, Australia’s Volt Bank also launched its new online banking platform powered by Temenos’ financial software offering.

Copyright © 2018 FinTech Global

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