Finastra is currently working with Yoma Bank in Myanmar, Tonik Bank in the Philippines, and IFIC Bank in Bangladesh to bring banking services to previously unbanked populations in those countries. Finastra also intends to close the trade financing gap in the region, which has been exacerbated by the pandemic, through a partnership with Mastercard and the Asian Development Bank to help build a new digital pathway to credit for wholesalers. The program will start in Indonesia with 500 retailers and aims to reach 5,000 retailers by the end of the first quarter next year.
The pandemic has brought the future forward, driving increased demand for digital transformation in the financial services sector. This is also a pivotal moment in which we have the chance to redefine finance for good and create new solutions that put better outcomes for society at the center.