BPC To Lead Russian Lender Tinkoff Into Filipino Market With Its SaaS Cloud Payment Services

https://thefintechtimes.com/bpc-to-lead-russian-lender-tinkoff-into-filipino-market-with-its-saas-cloud-payment-services/
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The Russian lender Tinkoff has selected the software as a service (SaaS) Cloud payment services of BPC to facilitate its planned expansion to the Philippines in another step forward for the partnership of the two companies.

Under the terms of the new agreement, BPC’s payment processing company Radar Payments will manage the provision of both virtual and physical cards, as well as debit and credit card issuance and management, SmartVista ACS for 3DS secure services and fraud prevention; covering the whole end-to-end payment experience for prospective Tinkoff customers in the Philippines.

Cloud SaaS payment adoption is a trend that has emerged globally due to the greater flexibility of accessing banking services, as well as cost savings and security.

Payment SaaS is a cloud-based software that connects users to vendors; being the preferred alternative to standard software installation. Accounts are supported by a remote cloud network and it’s usually established on a pay-as-you-go basis.

Payment SaaS is forecasted to reach $122.6 billion by the end of this year and was the largest market segment within the global cloud solutions industry over the course of the last two years. So, adopting this for your payments, which is already a high-tech industry, has many advantages.

Banks are tapping into the expertise of payment processors to focus on client relationships, while neobanks and fintechs bring new offerings to new markets faster than ever, using ready-to-connect payment rails across various geographies.

Tinkoff cites BPC’s regional knowledge and experience in the Philippines and across Asia as one of the primary reasons why it chose the firm over its competitors.

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 been building a strong reputation for understanding and mastering local banking and payment context and behaviour, key criteria that appealed to Tinkoff when making its selection.

George Chesakov, International Expansion Lead at TinkoffGeorge Chesakov, International Expansion Lead at Tinkoff
George Chesakov

“With BPC’s payment processing business, we have a partner with whom we have a long-standing relationship and who aligns with our SaaS Cloud vision,” comments George Chesakov, International Expansion Lead at Tinkoff. “Moreover, we value BPC’s strong local knowledge of the Philippines’ banking sector, which should help us start operating in this market faster.”

Tinkoff also chose BPC for its capability to support its ambitious growth both in terms of customers and expected transaction volume. While launching a new bank in an old economy could have taken years from licensing to deployment, new economy players are looking for partners that could match their ambition to deploy efficiently and fast, while ensuring a sustainable business model.

The Philippines is one of the fastest-growing markets in Southeast Asia that is ripe for transformation. The Central Bank has recently been granting new banking licences to foster healthy competition and improve financial accessibility and inclusion.

Evgenia Loginova, CEO at Radar Payments by BPCEvgenia Loginova, CEO at Radar Payments by BPC
Evgenia Loginova

Evgenia Loginova, CEO at Radar Payments by BPC, said: “We could not be any prouder to continue our journey serving Tinkoff and its future customers in Asia. Success depends on the speed of deployment of new services in the digital banking industry, especially in the Philippines market, which will welcome a number of new market players in 2022.”

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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