Argentine digital bank Wanap has changed its name to Wilobank after facing a copyright complaint from personal financial management app Ualá, El Cronista reported.
According to Ualá founder Pierpaolo Barbieri, they opposed the brand Wanap following confusion among its users on the names of the two entities. The confusion reportedly arose from the phonetic similarities of the brands.
Ualá registered its brand in 2016, "so we have the rights to that name because we registered and launched it," Barbieri said.
Ualá's lawyers have sent a document to Wanap ordering it to stop the use of the name, the report said. However, Wanap now reserves the right to seek damages and losses caused by the complaint, given that both entities previously had "conversations to agree on the existence of both brands," El Cronista cited sources as saying.
Meanwhile, Wilobank moved its launch plans to mid-June given that it has to modify its brand and image in all its interfaces. Wilobank is Argentina's first fully digital bank.
