The U.K.-based financial software company is ramping up its innovation and open cloud strategy to transform finance in Asia Pacific.
The company, which provides banks technology services via a cloud platform, said it will leverage technology, collaboration and ecosystem to enable tackle financial inclusion challenges, including banking the unbanked and closing the SME trade finance gap in the Asia Pacific region, it announced in a statement on Thursday.
in APAC, Finastra is currently working with Yoma Bank in Myanmar, Tonik Bank in the Philippines, and IFIC Bank in Bangladesh to bring banking services to previously unbanked populations in those countries.
Finastra also intends to close the trade financing gap in the region, which has been exacerbated by the pandemic, through a partnership with Mastercard and the Asian Development Bank to help build a new digital pathway to credit for wholesalers. The program will start in Indonesia with 500 retailers and aims to reach 5,000 retailers by the end of the first quarter next year.
«Pivotal Moment»
«The pandemic has brought the future forward, driving increased demand for digital transformation in the financial services sector,» Wissam Khoury, the company's Singapore-based head of international, said in the statement.
«This is also a pivotal moment in which we have the chance to redefine finance for good and create new solutions that put better outcomes for society at the center,» he added.
