World bank: WSFS backs Kuhlmann's ZenBanx

Banker Arkadi Kuhlmann, who attracted a billion dollars a month in deposits to the high-interest, low-fee, simple-product, low-touch former ING Direct Bank during that iconoclastic Wilmington phone/mail/online/cafe'-based lender's heyday in the early 2000s, is back with ZenBanx, which plans to go live later this year with a "mobile, multi-currency account that will allow consumers to hold balances denominated in up to five currencies" for secure transfers and payments across borders.

ZenBanx is working with Wilmington-based WSFS Bank to set up ZenBanx, giving users "the security of a regulated bank," the companies said in a joint statement. They said theirs will be cheaper than competing services.

Kuhlmann and WSFS boss Mark Turner say they are targeting "foreign professionals living in the United States, frequent travelers, international students studying in the United States, and immigrants that want to maintain their family and financial ties to their countries of origin."

WSFS which owns just under 10% of ZenBanx, will hold deposits for ZenBanx accounts, and hopes to collect its first profits from the venture this year. More at http://usa.zenbanx.com