DigiBankASIA to bring greater financial inclusion to the Philippines with Mambu’s cloud banking platform
Published 2 December 2020
Currently around 70% of the Philippines’ population is unbanked, so DigiBankASIA is harnessing the power of cloud by collaborating with Mambu to create a new Southeast Asia digital bank known as UNO.
Mambu’s Software-as-a-Service banking platform was selected to bring UNO to life, as it focuses on AI, composability, and cloud-native services.
“While DigiBankASIA was inspired by the unique needs of consumers in Southeast Asia, and particularly the Philippines, the technology behind UNO is absolutely cutting edge, and could arguably be considered best-in-class anywhere in the world,” said Myles Bertrand, the Managing Director for APAC at Mambu.
The Philippines is a key market for innovation and disruption in the financial sector, as 60% of the population own a smartphone and 67% use the Internet.
“Filipino customers are absolutely ready for a full service digital bank like UNO,” said Manish Bhai, the CEO and Co-Founder of UNO.
The new UNO platform plans to address low levels of financial inclusion and consumer credit with a personalised app that allows customers to save, borrow, transact, protect and invest.
“This method of looking at customers holistically is a whole new approach for financial services, and one we believe will change peoples’ lives for the better,” said Puneet Gupta, the Chief Technology Officer and Co-Founder of UNO.
UNO will be an AI-first platform using a full stack digital bank to provide micro-personalisation on the app.
“Each customer will have a completely individual experience – there is no cookie-cutter approach where ‘one size fits most’. Instead, UNO will specifically cater for each individual user’s needs,” added Mr. Gupta.
This use of technology is said to be the first time it has been implemented in the Southeast Asia region, which Mr. Gupta believes will change peoples’ lives for the better.
By Simi Kaur, Tech Reporter