Leading digital bank Tinkoff selects Finastra to power expansion into Asia
London listed and Russia based digital bank chooses Finastra’s Fusion Essence Cloud core banking solution for its future subsidiary bank in the Philippines
Singapore – 16 December, 2021 – Finastra today announced that Tinkoff, one of the world’s largest digital-only banks serving over 18.5 million customers, has selected 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 powerful new offering to market quickly and support rapid customer acquisition, whilst maintaining compliance with local regulations.
“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,” said George Chesakov, International Expansion Lead at Tinkoff. “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 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. The comprehensive Software-as-a-Service (SaaS) offering includes upgrades, security, 24x7 infrastructure monitoring, incident management and disaster recovery services, meaning Tinkoff will be able to focus on its business goals.
Fusion Essence Cloud will be deployed out of the Microsoft Azure Southeast Asia Region (Singapore Data Center), which will allow for both low latency and data residency. 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.
“Tinkoff is known for its focus on innovation, which is a value shared strongly at Finastra,” said Narendra Mistry, Chief Product Officer, Retail International Universal Banking 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.”