The Greek Church is reportedly in the process of becoming a partner in setting up a “digital bank”, also known as Financial Technology (FinTech), similar to the widely used Revolut app.
FinTech encompasses the use of mobile applications, software, and other technology that enable users and enterprises to access and manage their finances digitally
Sources say the plan is well underway as a relevant file including all the necessary legal documentation has been compiled to be soon submitted to Greece’s central Bank for approval. Media reports suggest the name of the new digital bank will be “Phos Bank” (Light Bank).
The same sources say Financial Innovation Holding will take a lead role in the venture, while a priest with experience in finance will also be involved.
Financial Innovation Holding was founded in September 2021 as a Private Company (PC) by Angelos Filippidis. In April 2022, it was converted into a corporation. Before this transformation, Angelos Filippidis donated 50% of the shares in the IKE (equivalent to 2,000 corporate shares) to the Church of Greece.
As a result, the current shareholders of Financial Innovation Holding are Angelos Filippidis with 50% and the Church of Greece with 32%. The remaining shares are held by the Evangelismos tis Theotokou Charitable Foundation (8%) and the non-profit organization NAUS – Hellenic Society for Culture and Human Dignity, which is affiliated with the Church, with a 10% stake.
The NAUS non-profit organization is primarily controlled by Archimandrite Nikodimos Pharmakis, who holds a 98% share, while the Holy Monastery “Axion Esti” in Varnava, Attica, and the Evangelismos tis Theotokou Philanthropic Association each hold 1%.
