Already active, the bank will launch its proprietary Atlas Pay platform in the region, a virtual wallet with built-in services.
Atlas Bank aims to become the first fully digital Central American bank once it receives Panamanian regulatory approval from the Superintendencia de Bancos de Panamá (SBP).
Already active, the bank will launch its proprietary Atlas Pay platform in the region, a virtual wallet with built-in services. Atlas Bank is a wholly owned subsidiary of Atlas Fintech Holdings, registered in Delaware and with headquarters in Tampa, Florida.
Atlas is one of Panama’s two banks financed by North American capital.
A full-service bank, Atlas focuses on Electronic Prime Banking and Private Banking. It is the first Latin American domiciled bank to provide clearing and settlement services with an e-bank model.
Clients wanting access to private banking and foreign exchange services can open an account in about two minutes. If approved, users can send money between 160 countries, centered on Panama, and pay 58 bills, such as road tolls, electricity and cable.
President of the board of directors of Atlas, Andrew Russell started his career with Liberty National Bank, now part of JP Morgan Chase, in 1994. Russell left banking to focus on developing digital wallets in 2016 and holds five patents in the US. “I am waiting for the Superintendency to give me final approval. We are in the regulatory process. We have already given all the demonstrations and answered all the questions. We are in the regulatory process. Once we get the green light, we launch the product to market immediately.” Russell told Panamanian newspaper La Estrella de Panamá in March.
After that, he’s set his sights on improving the bank’s operating system and relaunching its website. Adding value-added services, such as the ability to buy cars or life insurance, is also scheduled for 2023.
According to an SBP report, between 2019 and 2022, electronic banking transactions increased in Panama by 61%, from 987 million operations to 1.59 billion. However, during the same period, the number of branches of general license banks fell from 548 to 501.