January 17th, 2024
https://n.news.naver.com/article/018/0005656218
Bankware Global, the exclusive provider of core banking solutions in South Korea (led by its respective leaders, Lee Kyung-jo and Lee Eung-jung), made a significant announcement on the 17th regarding the initiation of its cutting-edge Software as a Service (SaaS) known as ‘BADA’ with OUR Bank (One United Rural Bank) in the Philippines.
OUR Bank, a result of the Consolidation Program for Rural Banks (CPRB) by the Central Bank of the Philippines, emerged from the integration of four banks and currently operates seven branches in the Cavite Province near Manila. Given that only approximately 50% of the adult population in the Philippines possesses bank accounts, the country is actively pursuing a digital transformation policy, led by the central bank.
In the fourth quarter of the previous year, Bankware Global successfully incorporated banking products for loan and deposits of OUR Bank into its sophisticated banking SaaS service, BADA. Following meticulous refinement of business processes and seamless data transfer, the company completed the preparations for system operation on the 15th of this month.
The deployment of Bankware Global’s BADA service empowers OUR Bank to introduce innovative services, including mobile banking, interbank transfers, and remote account opening, thus enhancing its digital banking competitiveness in the market.
Bankware Global’s BADA serves as an advanced multi-tenant banking SaaS solution tailored for various small and medium-sized banks, operating as a core banking system on the public cloud. Client banks stand to benefit from optimized services without the need for dedicated IT staff, paying monthly fees based on the number of customer accounts. This makes it an ideal solution for small banks across Southeast Asia.
The region, including Cavite Province in the southern Luzon area of the Philippines, has approximately 25% of all rural banks in the country, totaling around 100. Leveraging this service deployment as a reference, Bankware Global anticipates rapid expansion of its customer base in this region.
On the 10th, Bankware Global formalized a Letter of Intent (LOI) for business cooperation with rural banks in the northern Luzon region, based on the success achieved with OUR Bank. Additionally, the company is broadening its horizons by completing banking system implementation discussions with local banks in Indonesia during the first half of this year. With the establishment of its subsidiary, Bankware Asia, in Singapore last year, the company is strategically focusing on aggressive sales and marketing activities in Southeast Asia to bolster its market presence.
Lee Eun-jung, the representative of Bankware Global, stated, “The Philippines, with its numerous islands, has seen an increased demand for digital banking since the COVID-19 pandemic.” He further stated, “Bankware Global’s core banking solution aligns perfectly with this market demand, and we are committed to actively pursuing subscription-based platform businesses, including banking SaaS, in Southeast Asia.”