BaaS-based Netbank goes live in the Philippines
Philippines-based Netbank has gone live, becoming the latest in a collection of lenders aiming to disrupt the country’s financial sector.
Netbank is now fully regulated, and focuses on the provision of Banking-as-a-Service (BaaS) operations for companies looking to break into the space.
“We provide a full range of banking services to fintech and financial institutions migrating to digital,” the firm writes.
“We will soon manage payments for a wide range of fintech, issue cards and open ‘purpose-driven’ accounts.”
The firm says it “thinks like a fintech and moves like a fintech”, to provide services that “only a bank can offer”.
Netbank is a product of local Community Rural Bank of Romblon, a financial institution based in the archipelagic province of Romblon.
Netbank will kickstart its services in its local province, but is looking to branch out from there into the wider Philippines market.
“Our mission is to provide the full banking services and infrastructure so fintechs can launch fast, safely and at low cost,” says co-founder Gus Poston.
“The fintech industry in the Philippines should be huge. Filipinos have complex financial lives, with many taking loans and making payments.
“Most of these transactions happen in the informal sector as banks do not serve Filipinos well; bank penetration levels and electronic transactions are low compared to comparable countries like Thailand or Vietnam.”