Caixabank, Santander and Telefonica announced a new joint venture to develop new digital businesses in Europe, the companies reported in a press release. The new businesses will be created based on new mobile and communication technologies and represents the first joint alliance between financial institutions and a telecom operator in Europe.
The joint company revealed plans to begin with building an online community to communicate offers, discounts and promotional schemes from businesses to consumers. The business has plans to start services in Spain and enter international markets shortly after. The joint venture also announced plans to begin developing a Digital Wallet for customers.