Russia-based digital bank Tinkoff will use Finastra’s Fusion Essence Cloud core banking solution to power its planned expansion into the Philippines.
Tinkoff, a digital bank with more than 18.5 million customers, chose Finastra as its partner for the expansion into Asia to help it launch quickly, achieve rapid growth, and navigate the local requirements of a new market.
George Chesakov, international expansion lead at Tinkoff, says: “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.”
Fusion Essence Cloud is described as a core banking system with fully digital end-to-end capabilities for all key banking services.
The solution includes a catalogue of open APIs and integration with Finastra’s app marketplace and developer platform, FusionFabric.cloud, enabling fintechs and digital banks to integrate tools and build a tailored system for customers.
Fusion Essence Cloud will also be deployed out of a local Microsoft Azure data centre in Singapore, bringing low latency and data residency, and benefits such as a low cost of entry into the market and ease and speed of deployment.
Narendra Mistry, chief product officer for retail international universal banking at Finastra, says: “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.”