Singapore-based technology company Bank-Genie Pte. Ltd. is bullish on its prospects in developing markets like the Philippines as demand for low-cost solutions will experience a great demand as its retail banking and consumer banking services.
SINGAPORE-based technology company Bank-Genie Pte. Ltd. is bullish on its prospects in developing markets like the Philippines as demand for low-cost solutions will experience a great demand as its retail banking and consumer banking services will bank on their respective digitalization programs.
“With [our] technology, banks can open branches that provide a suite of financial services with just ‘a tablet, a small Bluetooth printer and the card reader,’” Bank-Genie CEO Ram Sharma said. “We believe technology is the solution to enable financial inclusion and a more productive society in markets like the Philippines.”
Sharma said the company has successfully deployed its technology solution for banks including Union Bank of the Philippines Inc., East West Banking Corp., Philippine Savings Bank Inc. and Land Bank of the Philippines Inc. He added that Bank-Genie has currently 13 client banks in the Philippines alone.
Bank-Genie Co-founder Raghu Nandan said there is a need for financial inclusion among the country’s rural population and, hence, it is quite important to boost their economic capabilities. It is estimated that roughly 7 in 10 Filipinos are financially excluded. According to data from the Bangko Sentral Ng Pilipinas , more than half of borrowers source their loans from informal sources.
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