With Fiduceo, Societe Generale became the first bank in France to acquire a fintech company. Since then, we have seen a multitude of partnerships, investments, experiments and exchanges, well beyond the borders of France.
In 2015, Societe Generale's subsidiary Boursorama announced the acquisition of Fiduceo, a French online personal finance management firm. Thanks to the expertise of this fintech, we were able to develop an account aggregator firstly for the clients of Boursorama, and then for those of Crédit du Nord and Societe Generale.
Today, the Group continues to forge stronger and more extensive links with the start-up and fintech ecosystem. In France, for the benefit of its professional, skilled worker and merchant clients, Societe Generale is teaming up with Bulb in Town, a participative financing platform the aim of which is to foster the emergence of new projects and assist with innovation and the local economy.
In Africa, where Societe Generale is one of the top three international banking players, the Group is meeting the growing demand for banking services by developing innovative payment solutions with fintech company TagPay.
In India, our Catalyst accelerator is opening up business opportunities for the Indian ecosystem. Local fintech companies are working with the business lines concerned to create a prototype solution in just six weeks around themes such as artificial intelligence, machine learning, big data, data visualisation, audio transcription into text, and client sentiment analysis.
Paris FinTech Forum sponsor
Societe Generale was a partner of the Paris FinTech Forum held on 25 and 26 January 2017. This event brought together 2,000 participants over 2 days in the heart of Paris to listen to 200 CEO's and c-levels from banks, insurance, telco, regulators and of course Fintech from all continents.
Frédéric Oudéa, CEO of Societe Generale, presented a Keynote speech at the Paris Fintech Forum on 26 January. He discussed the Group's collaborative work with finance startups and joined a panel discussion on the future of Retail Banking.
Watch the video of his speech on @SocieteGenerale Twitter.
FinTech: learn fast or fail fast
Banks can learn about the latest technologies and creating good user experiences from FinTechs and FinTechs can learn about regulatory compliance, distribution and large-scale processing from banks. Everyone gets something out of the relationship – banks and FinTechs alike. This is the view of Aymeril Hoang, Head of Innovation for Societe Generale.
TagPay in Africa
The Societe Generale Group acquired a €1 million stake in the capital of French fintech company TagPay, a specialist in digital mobile banking. TagPay is currently being rolled out to several of the Group's subsidiaries in Africa: implementation of a mobile recovery solution for Manko in Senegal, testing of a merchant payment solution at Shell service stations in the Ivory Coast, a mobile banking project involving several Sub-Saharan African countries. It comprises a core banking system built around mobile solutions and adapted for both standard mobile handsets and smartphones. Tagpay offers numerous competitive advantages thanks to its rapid roll-out capacity and extensive catalogue of functions and financial services. It enables access to populations that are not yet availing of banking services and at the same time to the advantages of the growing digital banking market.
Smartkarma’s award winning equity research platform
Societe Generale today announces a new agreement with Smartkarma, a curated online platform for investment insight focused on the Asian markets. Under this global agreement, Societe Generale will provide its institutional clients access to a new form of equity research based on demand driven and customised content provided by the industry’s highly ranked analysts, academics, data scientists and strategists.
Local crowdfunding with Bulb in Town
Societe Generale has joined forces with Bulb in Town, a crowdfunding platform devoted to local projects, with a shared desire: to encourage the emergence of new projects, support innovation and the local economy. This partnership led, in October 2016, to the launch of a competition on the Coup d’Envoi website aiming to reward the platform’s best projects via an online vote.
Client knowledge with Baseline Telematics
For the last two years, Societe Generale Insurance has been working with Canadian start-up Baseline Telematics, insurance telematics specialists. This partnership was initially put in place within the framework of the STAR DRIVE project (a free driving coach mobile app), and was then expanded to introduce new “Pay How You Drive” car insurance offers for our clients. Baseline Telematics provides Societe Generale Insurance with a secure and high-availability platform to collect, store and use elementary data concerning the car journeys undertaken by the policyholder. The data thus collected via a telephone or onboard device represents real value in terms of knowing our clients: the way they drive, how often they drive and the context within which they use their vehicle.