Philippines A “Strategic Market” For Global Fintech Firm

Intellect Design Area, a global fintech platform provider, eyes local banks in the Philippines as a potential “strategic market”.

According to Global Consumer Banking CEO Rajesh Saxena, the company expects to earn $10 million ( ₱13.65 billion) in revenues per annum from the software requirements of Philippine banks undergoing digital transformation.

Currently, Intellect Design has the world’s largest cloud-native called Application Programming Interface (API) that is leading in microservices-based multi-product FinTech platforms in Banking, Insurance, and Capital Markets.

“The Philippines is a strategic market for us and we want to build our business here,” Saxena said. “We provide software and solutions for banks. We have the products and the platform to transform them. It’s a win-win scenario,” he added.

“We are in discussion with many large banks here and we expect to close those deals in a few months,” Saxena revealed.

Their current clients are the Philippines Business Bank (for digital core banking, deposit, savings, and loans), Rizal Commercial Banking Corp. (RCBC), Philippine National Bank (PNB), and Banco de Oro (BDO) (for online cash management), Citibank Philippines, UnionBank, Land Bank of the Philippines (LBP), and China Bank.

“Profits of banks are being squeezed and new digital banks are coming,” Saxena said.

Saxena also mentioned that based on their observations and with the Bangko Sentral ng Pilipinas (BSP) pushing for open banking, local banks are going into the cloud.

The Cloud provides elasticity for banks to scale up or down, and strengthen security and system upgrades with ease.

Saxena added that while local banks are already into digitalization, many still don’t have the capacity to do so.

Source: Manila Bulletin