Orange Money signs with Alpha Bank for transfer of business from Romania

Orange has reached an agreement regarding the transfer of the retail business of Orange Money from Romania to Alpha Bank Romania. With this step, Orange Romania focuses on its growth strategy at the local level, focused on offering sustainable connectivity services and integrated digital solutions, in line with the Orange Group's international strategy, "Lead the Future".

Launched in 2016, the Orange Money solution has become an alternative to traditional banking services in Romania, offering a complete digital experience for issuing debit and credit cards, transfers, payments and other daily financial operations. As a result of this transaction, Orange Money customers will continue to benefit from end-to-end digital financial services as part of Alpha Bank Romania.

The transaction involves the transfer of the local Orange Money digital ecosystem, which includes the mobile fintech platform, customers and product portfolio in Romania, as well as partners, suppliers and the team managing mobile financial operations.

Orange Money customers will continue to have access to the same products, services and benefits as before and there will be no changes in the contractual terms of the products and services offered. The process will be transparent and customers will be informed about the next steps.

"Thanks to a strong team of digital banking specialists, Orange Money Romania has grown steadily, becoming a leading digital financial solution, recognized by customers and the market for the quality of its services and innovative vision. Orange Money's strategic approach has always had see the integration of the application and its products into a banking ecosystem and, to achieve this goal, we signed the transfer of the Orange Money retail business to Alpha Bank Romania. Alpha Bank's experience will provide continuity to our customers, and their banking products will enrich the suite of services that Orange Money users have access to today," said Haris Hanif, CEO of Orange Money Romania.

"Alpha Bank Romania has combined tradition and innovation since the beginning of its activity, and this acquisition is part of the bank's strategy to strengthen its position on the market and offer customers a superior digital experience. We are excited to benefit from the strengths of Orange Money Romania and excited about the opportunity to build an ecosystem of digital solutions for our customers. The strategic thinking, flexibility and long-term vision of Alpha Bank Romania are thus complemented with an infusion of agility and expertise in the field of top digital financial services", said Sergiu Oprescu, Executive President of Alpha Bank Romania and General Manager of the Alpha International Network Bank Group.

The transaction concerns only the Romanian market and will be completed after the fulfillment of some preliminary steps in the case of such transactions, such as receiving approvals from the authorities.

Orange, the leader of the telecom market in Romania, launched in 2016 Orange Money, a 100% digital alternative to traditional banking services. Orange Money allows customers to transfer money and pay bills without fees through a user-friendly, secure and intuitive interface.

In a few minutes, Orange Money users can open a current account in lei with their own IBAN and immediately make domestic or foreign transfers, online payments or payments with their smartphone or smartwatch, using virtual debit and credit cards.

The Orange Money Credit Card offers customers bundles of additional benefits that can be accessed based on their payment needs and lifestyle. Data verification, credit line approval, signing documents and issuing the virtual credit card is simple and fast from your smartphone.