Clerics, Code, and Controversy: Greece’s Church-Backed FinTech Venture Sparks Debate
The Church of Greece’s unexpected foray into the FinTech world has ignited public scrutiny following a report by Kathimerini, one of Greece's leading newspapers. At the heart of the plan is a proposed digital bank—fully online, branchless, and backed in part by Financial Innovation Holding, a company co-led by controversial financier Angelos Filippidis and Archimandrite Nikodimos Farmakis, a senior official of the Church of Greece who oversees the Church's Central Financial Services.
The archimandrite was arrested in Israel in 2005 for illegal possession of a firearm. This became the centerpiece of a much broader scandal in which he was implicated in covert attempts to sway the patriarchal elections in Jerusalem.
Along with Farmakis, Angelos Filippidis, a former banker with a legally troubled past, are seeking approval from the Bank of Greece to launch this digital institution. Their venture promises modern financial services and tech development, but must first clear strict EU banking regulations and pass “fit and proper” assessments—an uncertain prospect given their histories.
Ownership of the company is split between Filippidis (50%), the Church of Greece (32%), and several Church-affiliated nonprofits. While the Church hasn't invested capital yet, it has allowed its name and influence to bolster the venture—raising eyebrows among clergy and laypeople alike.
Critics question whether a religious body should be so deeply involved in speculative financial activity, especially when led by figures whose reputations could jeopardize public trust. Further complicating matters is the connection to the very official—now Deputy Governor—who once oversaw the failed prosecution of Filippidis.
Whether this unorthodox union of faith and finance can survive regulatory, ethical, and public scrutiny remains to be seen. It is, however, one more example in a long line of scandals which are rocking the foundations of the Greek Orthodox world.
More information on the controversy and those involved can be found at D News.
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