Fintech company Finastra will be that.
Tinkoff Bank will use Finastra’s SaaS service to expand into the Asian market, says a fintech startup.
The Fusion Essence Cloud solution will help Russian digital banks quickly enter the Philippine market and comply with the country’s regulators. Finastra’s cloud SaaS service will give Tinkoff a low entry fee into the sector, the fintech firm says.
“Finastra’s open cloud-based platform met all of our launch requirements and we look forward to working together to create revolutionary customer service in the Philippines,” said Georgy Chesakov, Head of International Expansion at Tinkoff Bank.
Recall that news of the launch of the Tinkoff Bank subsidiary in the Philippines appeared at the end of August 2021. For expansion in the country’s market, the credit institution plans to obtain a full banking license.
Earlier, information emerged on the network that Tinkoff was also seeking permission to launch banks in two other Asian countries. For this, the organization decided to raise $200 million. Tinkoff’s representatives did not specify which areas were being discussed.
Another Russian credit organization, Expobank, is also planning to enter the Philippine market. Philippine company Expobank will issue micro-loans via an online platform, bank co-owner Igor Kim told media.
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