Digital bank TONIK has picked Finastra’s Fusion Essence for its end-to-end core banking capabilities.
The East Asian FinTech firm is bullish that the move will empower it to launch retail deposit and customer loans services in the Philippines
“The banking sector in the Philippines is ripe for digital disruption,” said Greg Krasnov (pictured), founder and CEO at TONIK. “The country has high internet usage, the majority of Filipinos are unbanked and research shows half of the people who do have bank accounts would be interested in switching to a neobank.
“We want to create a hyper-compelling consumer proposition that will revolutionize the way money works in the region. Finastra’s Fusion Essence Cloud – powered by Microsoft Azure – will give us the agility to get these services to market quickly and efficiently. We are also impressed by the modern, open and scalable capabilities of the solution, particularly the in-built analytics, which will help us to better understand our customers’ smart digital banking needs.”
Finastra has already proven its chops by supporting European neobanks revverbank and Gravity.
Now Anand Subbaraman, general manager of retail banking at Finastra, is confident it can do the same for its new client.
“TONIK is well positioned to replicate the disruption that has taken place in Europe, where digital banks have quickly attracted millions of customers and billions of dollars in investor funding,” Subbaraman said.
“Using digital technologies and a lower-cost operating model, TONIK will be able to offer customers the products and services they need, delivered in a convenient way, as well as increasing opportunities for financial inclusion in Asia. Fusion Essence Cloud is ideally suited to help TONIK achieve these goals, as well as see a fast return on its investment. We are extremely proud to be TONIK’s partner in bringing digital banking to the Philippines for the first time.”
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