TONIK Selects Finastra's Core Banking Solution to Power Southeast Asia's First Pure-play Licensed Digital Bank
TONIK to use Finastra's Fusion Essence in the cloud to revolutionize banking in the Philippines
SINGAPORE, Jan. 20, 2020 /PRNewswire/ -- Finastra announced today that TONIK, the first licensed digital-only bank in Southeast Asia, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities. The move will support TONIK as it launches its retail deposit and customer loans services in the Philippines, giving it agility and the ability to scale quickly.
Greg Krasnov, Founder & CEO at TONIK, said, "The banking sector in the Philippines is ripe for digital disruption. 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."
The key proposition for digital banks is providing a customer experience that traditional banks struggle to offer. This requires modern, cloud-native technology that facilitates innovation whilst future-proofing investment. For TONIK, 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. TONIK 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. It will also benefit from ongoing software updates and, in time, access to further innovation via FusionFabric.cloud, Finastra's platform for open innovation and the development of applications.
European neobanks, including revverbank and Gravity, are already being powered by Fusion Essence Cloud, and this deployment in Southeast Asia will help bring the benefits of innovative digital banking to the Philippines.
Anand Subbaraman, General Manager, Retail Banking at Finastra, said, "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. 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."
About TONIK
TONIK Financial Pte Ltd (www.tonikbank.com) is the first licensed digital-only bank in Southeast Asia, on a mission to revolutionize the way money works in the region. It provides retail financial products, including deposits, loans, current accounts, payments, and cards on a highly secure digital banking platform. TONIK is led by a senior team who have previously built and scaled multiple digital and retail banks and fintechs across Global Emerging Markets. Founded in 2018, TONIK is launching operationally in 2020 in the Philippines through its own bank license, with support and R&D functions based in Singapore and Chennai, India. TONIK was seeded and built by FORUM (www.forum-cap.com), the top fintech venture builder in Southeast Asia.
About Finastra
Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 90 of the world's top 100 banks use Finastra technology.
Please visit finastra.com.
For further information please contact:
Caroline Duff
Global Head of PR
T +44-(0)-20-3320-5892
E [email protected]
Benjamin Jun Tai
Senior PR Manager, APAC
T +65-9058-1160
E [email protected]
Finastra Corporate headquarters
4 Kingdom Street
Paddington
London W2 6BD
United Kingdom
T +44-20-3320-5000
SOURCE Finastra
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article