The CP reported that the Board received complaints and the request will be reviewed shortly. But Swedbank has not made any comments yet.
Monea spokesman Martins Kalnins stressed that "Monea" in the request asks the CC to initiate a case of alleged violation of the ban on Article 13 of the Competition Act in Swedbank's operations, and to impose liability for abuse of dominant position upon finding a violation.
He explained that the daily operation of "Monea" should be able to ensure a successful cooperation with commercial banks, so that banks are essential partners. Since its inception, the company has cooperated with four major commercial banks in Latvia – Swedbank, Citadele banka, SEB banka and Luminor Bank in Latvia. "Given that all the above banks provide identical services to Monea, we have a great opportunity to compare and evaluate the differences between the prices applied by the four banks," Kalnins said.
Kalnins emphasized that Swedbank has increased its service rate by 22 times compared to other banks. At the same time, the price of a transaction from the Latvian branch of Citadele banka, SEB banka and Luminor Bank is declining. "It is a normal commercial practice that, as the volume of transactions in any business area grows, transaction costs do not increase proportionally, as demonstrated by the cooperation with other banks." Swedbank, despite the significant increase in the number of contacts between Monea and banking systems, increased the rate approximately 22 times compared to 2017, for which there is no objective justification, "admitted Kalniņš.
Since Monea uses the same services in all four banks, Kalnins pointed out that all four banks had identical liabilities and risks to Monea's service. All four commercial banks are also subject to the same regulatory framework. In addition, Monea itself has a duty to minimize the risk of money laundering and terrorist financing. Account must also be taken of the fact that Monea (as in the case of banks), as a licensed payment institution, is overseen by the Financial Market and Capital Market Commission (FCMC), which has verified and licensed the Monea operation and coordinated its risk management procedures. .
As Kalnins acknowledged, the risk for banks, including Swedbank, to cooperate with Monea in relation to the risk of money laundering and terrorist financing is the same as that of the other three banks. Thus, in Monea's opinion, there is no objective reason why Swedbank needs to define Monea as a high commission.
The Monea Payment application is a pay-per-view application that allows you to claim and transfer small amounts of money between private bank accounts in different banks in less than a minute and at a lower cost, as well as entering someone else's phone.
"Firmas.lv" information show that in 2017 "Monetizator" worked with a turnover of 22,272 euros, which is 4.7 times more than in 2016, but losses decreased by 1.7 times and totaled 270 520 euros.
The company was registered in December 2013 and its registered capital is 5648 euros. Monetizator's owners are venture capital managers, "Expansion Capital Fund AIF" (25.18%), "Nule 19" (18%) owned by Armands Garkans, Mārtiņš Kalniņš (15.44%), Ance Kalniņa (14 , 36%), CCINV005 owned by Callidus Capital (10%), Mārtiņš Bērziņš (8.45%), Gatiks Kokins owner of SIA "Apoga konsultācijas" (8,36%), SIA "QIX" % "Works of Events" (2.14%) and "D8 Corporation" Ltd.