Financial institutions Helaba and Black Digits join forces in a strategic alliance aimed at bolstering digital independence within the financial industry.
In a significant move, Helaba, the leading bank based in Frankfurt, has formed a strategic partnership with Schwarz Digits, the digitalization expert of the Schwarz Group. This collaboration aims to develop digital solutions and industry-specific applications in the financial sector that promote digital sovereignty and uphold European values such as data protection, transparency, and security.
At the heart of this partnership is the development of AI-based applications tailored for financial services. The importance of digital independence in AI technology is highlighted, as Helaba’s AI expertise combines with Schwarz Digits’ technological capabilities to build these solutions.
Another key aspect of the collaboration is the creation of digital marketplaces. Leveraging open-source technologies, these platforms ensure transparent processes and strict adherence to European data protection and security standards, ensuring compliance with European legal frameworks.
The partnership is integrated into the DataHub Europe initiative launched by Schwarz Digits. This platform aims to establish a sovereign data infrastructure operated within Europe, allowing companies and institutions secure and legally compliant data management and access. This reinforces European digital autonomy in financial data handling.
The partnership between Helaba and Schwarz Digits is part of a broader commitment to promoting European values and standards in the digital sector of the financial industry. Helaba, with its subsidiary Frankfurter Sparkasse being the regional market leader in retail banking, and its foothold in the direct banking business with 1822direkt, is a strong partner for 40% of all German Sparkassen.
Beyond its financial-economic tasks, Helaba is committed to many areas of public life and supports pioneering projects in education, culture, environment, sport, and social affairs. The collaboration with Schwarz Digits is an important step in driving digital independence in Europe and strengthening the resilience of the economy, as stated by Bernie Wagner, Board Member for Sales and Marketing at Schwarz Digits and CEO of STACKIT.
Philipp Schwaab, Chief AI Officer of Helaba, emphasizes the importance of digital sovereignty for the future viability of the financial sector, especially in the context of AI applications. The cooperation between Helaba and Schwarz Digits is aimed at strengthening digital sovereignty and creating industry-specific digital solutions in the financial sector.
[1] Helaba's press release, "Helaba and Schwarz Digits form strategic partnership to promote digital sovereignty in Europe" [2] Schwarz Digits' press release, "DataHub Europe: Schwarz Digits launches sovereign data infrastructure initiative for Europe"
- The strategic partnership between Helaba and Schwarz Digits seeks to develop AI-based applications and industry-specific digital solutions in the financial sector, which will be built using technology.
- This collaboration is also focused on creating digital marketplaces, ensuring transparency, adherence to European data protection and security standards, and compliance with European legal frameworks, all key aspects of the finance industry.