New Bank Launches with Finastra’s Technology
ORO Bank, a new cloud-first institution, is offering individuals and businesses worldwide a unique opportunity to bank in an innovative, sustainable, and mindful ecosystem. Powered by Finastra’s technology, ORO Bank serves customers in Bhutan and beyond, focusing on safe and sustainable banking practices.
This new bank is part of a strategic initiative called the Gelephu Mindfulness City Special Administrative Region (SAR), recently announced by His Majesty the King of Bhutan. The vision behind this development is to create a thriving economic center that embodies Bhutan’s philosophy of Gross National Happiness (GNH), emphasizing equitable economic growth, cultural preservation, environmental sustainability, and good governance.
Mike Kayamori, CEO of ORO Bank, describes the institution as Asia’s first full reserve digital bank, committed to safe and sustainable banking practices. By aligning with the principles of GNH, ORO Bank aims to facilitate personal, corporate, and financial growth in a socially, economically, and environmentally sustainable manner. Additionally, the bank aspires to become the preferred choice for global startups and innovative businesses.
Utilizing Finastra’s expertise in cloud-first deployments, ORO Bank has been able to leverage a SaaS core banking solution to launch in global markets within six months. Finastra’s advanced technology and comprehensive banking functionality have given ORO Bank a competitive edge and contributed to its sustainability goals through cloud-based solutions.
Siobhan Byron, EVP of Universal Banking at Finastra, commends ORO Bank for its commitment to collaboration and innovation. Finastra’s platform supports ORO Bank in focusing on its vision and customer service while the core banking operations are taken care of seamlessly.
ORO Bank’s unique approach as Asia’s first full-reserve online bank, regulated in Bhutan, offers customers peace of mind with 100% corresponding reserves. Operating within the Gelephu Mindfulness City SAR, ORO Bank provides individuals and businesses globally with an opportunity to bank in an ecosystem that promotes innovation, sustainability, and mindfulness.
Finastra, a global provider of financial software applications and marketplaces, supports institutions of all sizes with innovative software solutions. Through its open platform for innovation, FusionFabric.cloud, Finastra enables banks to grow and build direct banking relationships through various channels, including embedded finance and Banking as a Service.
For more information on ORO Bank’s vision or Finastra’s solutions, visit their respective websites.
