Russian Digital Bank Tinkoff Taps Finastra to Power Its Philippines Expansions Plansby Fintech News Philippines December 20, 2021
Moscow-based digital bank Tinkoff announced that it has selected financial services software provider Finastra’s Fusion Essence Cloud core banking solution to power its planned expansion into the Philippines.
Finastra’s next generation, cloud-native system will enable Tinkoff to bring a new offering to market quickly and support rapid customer acquisition, whilst maintaining compliance with local regulations.
Fusion Essence Cloud is a core banking system with fully digital end-to-end capabilities for all key banking services.
With a rich catalogue of open APIs and integration with Finastra’s app marketplace and developer platform, FusionFabric.cloud, Tinkoff will be able to integrate tools from hundreds of developers and build a system tailored to its requirements.
With this cloud deployment, Tinkoff will benefit from a low cost of entry into the market, ease and speed of deployment, and the ability to increase business volumes and diversify its product set cost-effectively.
“To bring our award-winning digital banking services to the Philippines we needed to find a partner that could help us launch quickly, enable rapid growth, and help us to navigate the local requirements of a new market.
Finastra’s cloud-native, open platform meets all these needs and we look forward to working together to build a revolutionary customer experience in the Philippines.”
said George Chesakov, International Expansion Lead at Tinkoff.
“Tinkoff is known for its focus on innovation, which is a value shared strongly at Finastra.
With our open platform approach, deep knowledge of the retail banking landscape in APAC and proven ability to bring new digital banks to market on time and on budget, we are excited to help Tinkoff build its renowned digital banking services in the Philippines.”
said Narendra Mistry, Chief Product Officer, Retail International Universal Banking at Finastra.
Featured image: Edited from Unsplash