Telecommunications corporation Orange has launched its own bank, it was announced Thursday.

Orange said its mobile-based retail bank is available in France and offers customers current accounts, bank cards, overdraft lending, a free insurance package and a savings account.

"With Orange Bank, this is an important new chapter in our history: Orange is now also a bank. A 100 percent mobile-based bank that is dedicated to providing an incomparable user experience," Stéphane Richard, chairman and chief executive of Orange, said in a statement Thursday.

Richard said the Orange Bank would combine "the best innovations available on the market today."

Orange's bank is the latest in a long line of challenger banks to provide a digital alternative to traditional offerings from larger lenders.

A number of challengers have been set up, such as Britain's Starling Bank and Germany's N26.

Orange Bank will provide real-time balances, mobile payments and a virtual adviser, the telecoms giant said.

Customers will also be able to visit Orange's stores to set up an account or fix any issues they are having.

The firm said it is also looking to introduce personal loans and mortgages.