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Finastra brings financial inclusion to developing markets in APAC

Finastra brings financial inclusion to developing markets in APAC

Finastra has announced plans around a range of initiatives which will enable its customers to accelerate through change, as well as creating positive outcomes for millions of people around the world. The move is part of the company’s ongoing innovation and open cloud platform strategy.

Through technology and collaboration, Finastra and its customers are set to positively impact over nine million lives around the world, with key areas of focus in the Asia Pacific region to include:

• Bringing financial inclusion to developing markets

o Yoma Bank: Using Finastra’s solutions, Yoma Bank became the first bank in Myanmar to launch an online account opening system. In a country where just 25% of the population holds a bank account, Yoma Bank quickly increased its customer base, giving many people access to banking services for the first time. Since launching its online account opening process, Yoma Bank has been able to provide thousands of new customers with fast, ultra-secure access to their personal accounts across multiple channels – quickly earning a reputation as a pioneer in Myanmar’s financial services sector.

o IFIC Bank: In Bangladesh, less than a third of the population has a bank account. Seeing the opportunity to bring financial inclusion to millions, IFIC Bank looked to transform its entire operating model from the outside-in – evolving into a customer-centric bank and differentiating itself with innovative products and services, available in branch and through new digital channels. Using Finastra’s solutions, IFIC Bank is aiming to bring banking services to 100,000 unbanked Bangladeshis in the next two years.

o TONIK: The Philippines has one of the lowest rates of bank account ownership in the region, with 70% unbanked. As the first pure-play licensed digital bank in Southeast Asia, TONIK is building its end-to-end core banking capabilities on Finastra’s solutions, enabling

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