Bankware Global Launches Philippine Banking SaaS... Accelerates Southeast Asia Expansion

Bankware Global, the only core banking solution company in Korea, announced on the 17th that it has launched its Software as a Service (SaaS) 'BADA' service for OUR Bank (One United Rural Bank) in the Philippines.

OUR Bank is an institution formed by the consolidation of four banks under the Central Bank of the Philippines' Consolidation Program for Rural Banks (CPRB). It operates seven branches in the Cavite province near Manila. In the Philippines, only about 50% of the adult population holds a bank account, indicating a lack of financial inclusion, and the central bank is actively promoting digital transformation policies.

Bankware Global configured OUR Bank's loan and deposit banking products on its banking SaaS service BADA in the fourth quarter of last year. After reorganizing business processes and migrating data, the system was ready for operation on the 15th.

By using Bankware Global's BADA service, OUR Bank can now offer new services such as mobile banking, interbank transfers, and non-face-to-face account opening to its customers, thereby securing digital banking competitiveness.

Bankware Global's BADA is an advanced multi-tenant banking SaaS solution operating as a single core banking system on the public cloud, serving multiple small and medium-sized banks. Client banks do not need to operate separate IT personnel. Since monthly fees are paid based on the number of customer accounts, it is an optimized service for small and medium banks in Southeast Asia.

Additionally, the Southern Luzon region of the Philippines, including Cavite province, has about 100 rural banks, accounting for approximately 25% of all rural banks in the country. The company expects to quickly expand its customer base in this region by using this service launch as a reference.

In fact, on the 10th, the company signed a Letter of Intent (LOI) for business cooperation with rural banks in Northern Luzon based on the OUR Bank case, increasing business opportunities. Furthermore, the company plans to complete negotiations for banking system adoption with rural banks in Indonesia by the first half of this year and will focus on expanding the market base through aggressive sales and marketing activities centered on Bankware Asia Singapore, established last year.

Lee Eun-jung, CEO of Bankware Global, said, "The Philippines, an archipelagic country, has seen a surge in demand for digital banking after COVID-19. Bankware Global's core banking solution perfectly meets the needs of this market, and we will actively expand subscription-based platform businesses, including banking SaaS, in Southeast Asia."

This content was produced with the assistance of AI translation services.