- TONIK Bank and BPC will work together to deliver the new service in the major Southeast Asian nation
- The move comes after the local central bank granted the firms the relevant licenses
- “For our part, TONIK Bank will be operating in the Philippines supported by a technical set-up in Singapore, India and Hungary”, said a BPC spokesperson
A bank in the Philippines which is designated as “digital-only” is set to open up.
Firm BPC will be one of the partners responsible for the move, and it will work alongside TONIK Digital Bank as part of the collaboration.
BPC will provide processing services using a software as a service structure involving a range of functions including defences against fraud as well as payment switching.
The move, which is designed to enhance online money transfer, comes after the collaboration received a license from the Central Bank of the Philippines — which is known as the Bangko Sentral ng Pilipinas.
According to the Managing Director of BPC, Peter Theunis, the new move will make it easier for those in the country who are unbanked to access financial services.
“For Filipinos, it means that they will be able to make seamless and secure local and international payments from their mobile, online or in-store”, he said in an interview with the website IBS Intelligence.
“The Philippines is a vast territory where islands are dispersed and access to basic financial services is a daily challenge. TONIK will address this challenge with its 100 per cent digital bank, drawing on BPC’s 25 years of proven experience in global markets”, he added.
He also went into some more detail about the proposed software as a service model, which is also known as “SaaS”.
He described it as a “bank-in-the-cloud” approach and explained that there was a global infrastructure behind it
“The partnership is unique for its bank-in-the-cloud SaaS model. For our part, TONIK Bank will be operating in the Philippines supported by a technical set-up in Singapore, India and Hungary”, he said.
“Today, you no longer need to build everything in-house and in-country. A digital bank can be set up from multiple building blocks, taking the best-of-breed solution to release the best offering possible for the end-user.”
BPC operates in more than 80 nations around the world, including in regions like Western Europe and Asia in particular.
For TONIK’s part, Founder and CEO Greg Krasnov said that its new partner “understands” the way digital banks have to work.
“With BPC, we rely on a partner that understands how startup digital banks need to operate and to scale efficiently at a fast pace”, he said.
With exciting developments like these happening all the time in the cross border payments world, it’s important to not get left behind.
Check out some of our other articles over at our magazine section to learn more about what’s going on.
