NeoSOFT partners with Tonik for Neo Bank in Southeast Asia
Published 7 April 2021
NeoSOFT Technologies, one of India’s leading IT consulting and software solutions provider, said that it is the exclusive technology partner of Tonik.
Tonik is Southeast Asia’s first digital bank and have launched their first innovative Neo Bank in the Philippines.
A Neo bank is a digital direct bank that only reaches customers on mobile apps and personal computer platforms. It gets an edge over the traditional or legacy banking systems by virtue of it being ‘only digital’ presence.
This Neo bank is built on cloud-native, open API, multi-cloud strategy and delivered over true Agile or DevSecOps mode, is fully digital with no branch and will revolutionise the way money works in Southeast Asia. Tonik entrusted NeoSOFT for its talent pool across diverse technology areas to develop its Neo Bank mobile and web application.
Working on the philosophy of trust, transparency, and accountability, NeoSOFT has driven value and innovation throughout the entire product development cycle. Certified engineers, top-notch skills, and adeptness on the latest tools and frameworks have been the pillars behind Tonik’s Neo Bank’s successful launch, the company said.
“NeoSOFT is happy to see Tonik drive transformation in the spectrum of Neo Banks and be passionate about improving people’s financial lives through the use of technology in an era of absolute disruption triggered by new-age technologies like AI, ML, Edge Computing, Automation, etc.,” said Nishant Rathi, CEO and Founder of NeoSOFT Technologies.
In the consumer banking sector, Neo banking gets more optimistic today and is here to drive a significant disruption in the fintech arena. Neo banks are increasingly finding increased acceptance globally. Recently, in March, Rewire, a fintech start-up that develops cross-border online banking services tailored for the needs of expatriate workers worldwide, announced a Series B funding round of $20 million and a significant line of credit from a leading bank. Similarly, InstantPay, India’s largest Neo bank, is eyeing a revenue of around US$50 million (Rs 350 crore) in FY21, an impressive three-and-a-half times growth in the last three years.