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CP assesses a complaint about possible abuse of Swedbank / Day

The KP agency LETA has announced that the board has received complaints and that the application will be assessed in the near future. On his turn Swedbank Representatives have not yet submitted any comments to LETA.

Mone Mārtiņš Kalniņš pointed out that Mone the application asks the CC to initiate a case regarding a possible violation of the prohibition in section 13 of the Competition Act Swedbank and, in finding an infringement, to be held liable for abuse of a dominant position.

He explained that in his daily work Mone it must be able to guarantee successful cooperation with commercial banks, which means that banks are essential partners. Since its establishment, the company has been working daily with four major commercial banks in Latvia – Swedbank, Citadele Bank, SEB banka and Luminor Bank Latvian branch. "Given that all the above banks offer Mone In the same services, we have a great opportunity to compare and evaluate the differences between the prices applied by the four banks, "Kalnins said.

Kalnins emphasized that

compared to other banks Swedbank service charge was increased 22 times.

At the same moment Citadele Bank, SEB banka and Luminor Bank The price of one transaction per Latvian location is falling. "It is normal commercial practice that, as the number of transactions in a particular business area increases, transaction costs do not increase proportionally, as is well demonstrated by collaboration with other banks. Swedbankdespite the essential Mone and the increase in the number of contact points in the banking systems has increased the fee approximately 22 times compared to 2017, for which there is no objective justification, "recognized Kalnins.

Given that all four banks Mone uses the same services, Kalnins pointed out that all four banks have identical responsibilities and risks during maintenance Mone. All four commercial banks are also subject to the same regulatory framework. Moreover, the same Mone has a duty to eliminate the risk of money laundering and terrorist financing as much as possible. The fact that Mone (as in the case of banks) if a licensed payment institution is supervised by the Financial and Capital Market Commission (FCMC), which has both verified and Mone and its risk management procedures.

As Kalnins acknowledged, the bank included Swedbank, the risk to work with Mone risk of money laundering and terrorist financing is the same as for the other three banks. So, Mone believes that there is no objective reason why Swedbank should be resolved Mone so high commission.

Payment app Mone is a pay-per-view application that allows you to claim small amounts in less than a minute and transfer between private bank accounts at different banks. You only have to enter the telephone number of the other person at a lower cost.

Firmas.lv information suggests that in 2017 Monetizer worked with a turnover of 22,272 euros, 4.7 times more than in 2016, but the losses decreased 1.7 times and amounted to 270,500 euros.

The company was registered in December 2013 and has a share capital of 5648 euros. Monetizer Owners are a venture capital manager AIF expansion capital fund (25.18%), a company owned by Armands Garkans Nule 19 (18.04%), Martins Kalnins (15.44%), Ance Kalniņš (14.36%) Callidus Capital owned by SIA CCINV005 (9.68%), a company owned by Gatim Kokin Apoga advice (8.36%), Ltd. QIX (5.77%), Ltd. Event works (2.14%) and SIA D8 Corporation (1.03%).

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