Tinkoff chooses BPC’s SaaS payment services to drive its expansion in Asia
Tinkoff announces that it has selected BPC’s SaaS Cloud Payment Services for its planned expansion into the Philippines. The project is an extension of an existing partnership between the two companies and demonstrates BPC’s proven technical expertise in digital banking and payments.
In addition to BPC’s award-winning technology, Tinkoff chose the company over its competitors for a number of reasons, citing in particular BPC’s extensive local knowledge and experience in the Philippines and throughout Asia.
Under the terms of the new agreement, BPC’s next-generation payment processing company, Radar Payments, will manage the end-to-end payment experience for potential Tinkoff customers in the Philippines. This includes the production of virtual and physical cards, as well as the issuance and management of debit cards, credit cards, SmartVista ACS for 3DS secure services and fraud prevention.
BPC will support Tinkoff in the adoption of SaaS cloud payment in the Philippines, a trend that has emerged globally for many reasons, including greater flexibility in accessing banking services, as well as cost savings and security. Banks are tapping into the expertise of payment processors to focus on customer relationships, while neobanks and fintechs are bringing new offers to new markets faster than ever, using ready-to-connect payment rails in various geographical areas.
The Philippines is one of Southeast Asia’s fastest growing markets and ripe for transformation. The Central Bank recently granted new banking licenses to foster healthy competition and improve financial accessibility and inclusion.
BPC has been active in the Philippines for over 15 years serving banks, neobanks, rural banks and transport operators contributing to better financial inclusion using next-generation technology. The company has built a solid reputation for understanding and mastering the local banking and payment context and behaviors, key criteria that appealed to Tinkoff during its selection. Tinkoff also chose BPC for its ability to support their ambitious growth both in terms of customers and expected transaction volume. While launching a new bank in an old economy could
have taken years between licensing and deployment, new economy players are looking for partners to match their ambition to deploy efficiently and quickly, while ensuring a sustainable business model.
Launched in 2006 as an agencyless credit card issuer, Tinkoff has grown to become one of the largest and most profitable digital banks in the world, serving more than 20 million customers. Tinkoff provides financial and lifestyle services through its digital ecosystem. This includes Tinkoff Bank, which offers a full range of banking and payment services, as well as cinema, theatre, travel bookings and more through the Tinkoff Super App, the first Super App launched in Europe. The Tinkoff ecosystem also includes brokerage Tinkoff Investments, Tinkoff Acquiring, Tinkoff Business, a fintech ecosystem for SMEs and large enterprises, and other business sectors.
With a focus on lifestyle banking, the Tinkoff ecosystem enables customers to make purchases, invest their savings, earn loyalty program rewards, book travel, buy movie tickets, make restaurant reservations and access other services.
George Chesakov, Head of International Expansion at Tinkoff, commented, “Tinkoff is excited to enter the Philippine market. We are confident that our technology and experience will help us create the right products, thereby boosting financial inclusion in the country. With BPC’s payment processing business, we have a partner with whom we have a long-standing relationship that aligns with our SaaS Cloud vision. Additionally, we appreciate BPC’s strong local knowledge of the Philippine banking industry, which should help us start operating in this market sooner.
Evgenia Loginova, CEO of Radar Payments by BPC, said, “We couldn’t be prouder to continue our journey of serving Tinkoff and its future customers in Asia. Success depends on how quickly new services are rolled out in the digital banking industry, especially in the Philippine market, which will welcome a number of new market players in 2022.”
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