Netbank, the banking as a service platform, has launched a service that allows international payment companies to support trade and transactions in the Philippines.
The Philippines has a fast growing international trade market. International trade in goods has a value of USD 17bn per month and is growing at 16% per year. To support this growth, there are increasing numbers of Fintech payment innovators focusing on specialist payment flows. These Fintech innovators often find it difficult to open accounts or make payments due to tedious processes and documentary requirements. Submitting these documents takes a long time - delays of several months are common and as a result, many international businesses delay expansion to the Philippines or even decide to delay market entry.
Netbank has deployed a range of payment tools which allow it to streamline these processes. It has built specialist tools to simplify on-boarding. It is designed to operate through a partnership business model so is open to a range of business solutions. In addition, Netbank has designed a process to open ‘virtual accounts’ to support specialist collection processes.
“We have seen first-hand how difficult it can be for foreign companies to open bank accounts in the Philippines. Netbank is now able to gather a complete profile on foreign companies rapidly and so open accounts safely and rapidly. We can offer ‘simple banking for complex clients’ for our Fintech partners, and so offer a complete range of banking services to foreign companies”, said Jaymar Mendoza, Co-founder and Head of Operations at Netbank.
Netbank has already started this partnership program, working with Tazapay, a global payment platform headquartered in Singapore. With this partnership, Tazapay’s partners can collect payments from local clients. Saroj Mishra, Co-Founder of Tazapay, said, “Netbank has a good platform to onboard fintechs like us. Their account opening process is significantly faster than traditional banks. They have dedicated teams and wide range of electronic payment options which will allow Tazapay to grow its business in the Philippines”.
Netbank is open to partnership with other specialist payment providers, to accelerate the banking simplification and innovation in the Philippines.
Netbank (A Rural Bank), Inc. is the first banking as a service platform in Southeast Asia operating on a full banking license. It provides banking services, on a fully white-labelled basis, so that Filipino Fintechs can grow fast and reduce their costs, thus accelerating financial inclusion and innovation. It provides simple, creative, low cost solutions so partners can open accounts, offer loans and manage payments.