Verinite Signs ASEAN’s First licensed digital-only(Neo) bank

By . June 28, 2021 . News

Life is all about being Versatile and training all realms of life” With the expansion in our services, Verinite is extremely proud in joining hands with Singapore based Southeast Asia’s first licensed  Neo(Digital-only) bank in the Philippines. A Neo bank exists solely online without any physical branches which require cloud-native technology that facilitates innovation whilst future-proofing investment to provide a customer experience which traditional banks struggle to offer.

Our client is a transformative digital bank on a mission to revolutionize the way money works in the Philippines. They plan to provide retail financial products, including deposits, loans, current accounts, payments, and cards on a highly secure digital banking platform. The bank is planning to launch debit cards on BPC SmartVista as its card management system and was looking for a partner who could assist them in seamless and issue-free implementation. As part of this engagement, Verinite has been entrusted to help the bank by owning-up the end-to-end implementation by supporting bank with functional and integration testing. The scheme certification stream will involve getting issuing certification for Mastercard.

This marks a new beginning for Verinite in Neo Banking space. Neo Banks is a rising phenomenon in emerging markets as they are viewed as a direct challenge to the status quo of the established traditional banks, with its lower cost structure and hyper-personal customer experience. Our differentiated and focused offerings for Neo Banks ensure innovation, agility, and strong domain expertise.


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