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Fintech firm Finastra is trumpeting its moves to build out banking services for people who in the past have not been widely covered by the sector, such as those in Bangladesh, the Philippines and Myanmar.
These emerging market countries may in future be home to significant wealth management markets, so while Finastra’s examples of ventures are at the retail end, the work is a way for the firm to establish as and when more HNW banking opportunities arise.
Projects include work with Myanmar-based Yoma Bank, which became the first lender in the nation to roll out an online account opening platform – a big step in a country where only a quarter of the population hold a bank account.
In Bangladesh, Finastra said that it worked with IFIC Bank to open new digital channels and overhaul the firm’s systems. IFIC Bank aims to bring banking services to 100,000 unbanked Bangladeshis in the next two years.
In a third example, the fintech talked about the work it is doing with Philippines-based TONIK to construct
end-to-end core banking capabilities on Finastra’s solutions.
Finastra said that it is also partering with Mastercard and the Asian Development Bank to build a new channel to enable wholesalers to obtain credit. The programme, which will start in Indonesia with 500 retailers, aims to build up to 5,000 retailers by the end of Q1 2021.
In June, Finastra formed a partnership with Hundsun Technologies to co-develop and deliver a Chinese version of Finastra’s investment management software, Fusion Invest. The new version of Fusion Invest, which will be tailored for China’s regulatory and local requirements, will be available to customers in mainland China, Hong Kong, Taiwan and Macau.