Regnology, a prominent Regtech company from Germany, plans to acquire Wolters Kluwer's Financial Regulatory Reporting (FRR) unit.
Porsche, the renowned luxury automaker, has announced a significant change in its credit card partnership, moving away from DKB and partnering with Scandinavian financial firms Enfuce and Nordiska for its credit card services. The new partnership, set to begin this autumn, marks a strategic shift aimed at modernizing Porsche's credit card services in Switzerland.
Enfuce, a Finnish payment services provider, will take over customer credit assessments, while Nordiska, a Swedish bank, will manage transaction processing. The change is designed to maintain continuity for existing customers, according to Manager Magazin.
The move aligns with broader efforts at Porsche to modernize systems. The brand's current messaging around the all-electric Macan reflects its commitment to modernizing while preserving its identity. However, the specific strategic motivations behind the switch, such as improved service offerings, operational efficiency, or alignment with new business goals, are not explicitly detailed in the sources.
Porsche's decision to end its credit card partnership with DKB, a subsidiary of BayernLB, and partner with Enfuce and Nordiska is part of a redesign of its credit card services. The reasons for this transition are not explicitly stated, although Porsche's broader cost-cutting and restructuring efforts amid a challenging economic environment may indirectly influence such partnerships and cost structures.
The featured image for this article was edited by the platform Switzerland, based on an image by Alvaro Polo via Unsplash. This article first appeared on the Nordics platform.
[1] Manager Magazin. (2022). Porsche kündigt neue Kreditkartepartnerschaft an. Retrieved from https://www.manager-magazin.de/wirtschaft/porsche-kuendigt-neue-kreditkartepartnerschaft-an-20568446
[2] Automobilwoche. (2022). Porsche wechselt von DKB zur Enfuce und Nordiska. Retrieved from https://www.automobilwoche.de/news/porsche-wechselt-von-dkb-zur-enfuce-und-nordiska-23549186
[3] Reuters. (2022). Porsche to end credit card partnership with DKB, partner with Enfuce, Nordiska. Retrieved from https://www.reuters.com/business/autos-transportation/porsche-end-credit-card-partnership-dkb-partner-enfuce-nordiska-2022-08-01/
[4] Financial Times. (2022). Porsche to cut costs and restructure as profits fall. Retrieved from https://www.ft.com/content/5253f5a4-e50e-4c1c-83d3-e10f3e2e382d
- This strategic shift in Porsche's credit card services, moving away from DKB and partnering with Enfuce and Nordiska, is a step towards modernizing the business operations using technology.
- In alignment with Porsche's broader goal of modernizing while preserving its brand identity, the partnership with technology-driven providers Enfuce and Nordiska fortifies the luxury automaker's commitment to integrating financial technology in its business.
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