LiveBank gains a business partner in Philippines
LiveBank, a virtual bank branch created by Ailleron, is strengthening its position as the leading video banking provider in the Asian markets, thanks to the implementation of the system in the global branches of Standard Chartered Bank, among others in China, India, Malaysia and Singapore, the company has joined the first league of video banking solutions in the world. Being perfectly suited to the banking sector and the fast-adopted in the APAC region has opened the door for a Singapore branch of Ailleron and expanded its network to include Value Added Resellers (VARs).
Ailleron has teamed up with FintQ, a part of the Voyager Innovations group. The company operates in the new technology industry in the banking and finance sector. FintQ will become a business partner and represent LiveBank in the Philippines. The strategies of the two companies in this regard are convergent: they provide convenience, ease, and security of transactions in remote customer contact with the bank.
In recent years new technologies have effectively replaced traditional solutions in Asia and the Pacific. LiveBank, through its reference implementations, is increasingly emphasizing its presence in the region. Partnership with the Philippine FintQ is therefore an important element of the product development strategy.
Research by KcKinsey & Company indicates that only 12% of Filipinos use internet banking, while in other developing countries in the region, 28% of digital users use it. Mobile account access is also at a relatively low level, as it is used by only 9% of device owners, while the average for other countries in the region is 26%. The fact that 65% of respondents declare the possibility to open an account at a new bank will offer a good level of digital service (the average in the region is 56%) proves that there is a real need for the digitization of the banking sector.
The APAC market is a huge potential for us. Nearly 100 million people, dynamic bank development, and in particular the increasing level of digitization and openness to innovation. The best proof of this is the legislative work on the remote verification of the customer, or so-called onboarding. LiveBank gives banks such a possibility - says Tomasz Maciantowicz, Global Sales Channels Managing Director at Ailleron.
The widespread use of digital banking in the Philippines is only a matter of time. LiveBank, which has been tested in the region to support both the bank and the customer, can offer a lot of Filipino consumers.