DigibankASIA, which operates digital bank Uno, has selected cloud banking provider Mambu ahead of its rollout in the Philippines, the firm announced on Tuesday.
The full-service digital bank, which is currently working with the regulators to obtain the necessary license, will adopt Mambu's technology platform, the firm announced on Tuesday.
Mambu's was an ideal fit because of its focus on AI, composability, and cloud-native services, Uno said, noting that its platform's AI-first capabilities enables micro-personalization capabilities to better cater to each individual user’s needs.
«It’s not just about numbers for Uno; they are highly committed to increasing financial inclusion in the region, which is an integral part of Mambu’s mission as well,» Myles Bertrand, Mambu managing director APAC, in the announcement.
Large Potential
According to the announcement, the Philippines market is ripe for innovation and disruption – around 70 percent of the population of the Philippines is considered unbanked, while the country has very high mobile penetration, with 60 percent owning a smartphone and 67 percent of the population using the internet.
«There is currently no challenger/ digital bank in South East Asia offering the full spectrum of financial services that a customer needs in a single app, and we’re excited to make banking more accessible to the Filipino population,» Manish Bhai, Uno CEO and co-founder, said.
Earlier this year, Mambu also inked a deal with financial services start-up GoBear, which will adopt its lending architecture in its core system as it expands to the Philippines in 2020, with additional markets to follow.
