Galeo Bank representatives have stated that the app will offer a “new paradigm” in banking, providing free digital banking globally. It says this includes credit cards, lending, savings and insurance. Galeo says it’s based on the Bank-as-a-Platform (BaaP) model. It is deploying digital infrastructure where Galeo provides cost-free basic banking and payment services, while financial products are provided to customers by authorised third-parties plugged into the platform.
One of the bank claims is that all products and services will be available for Galeo’s customers on demand via an application. The Galeo Beta is scheduled to be released in Q2 2019.
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