Billed as Asia’s first fully-reserve digital bank, ORO Bank has leveraged global financial software provider Finastra’s SaaS core banking solutions to launch its cloud-based platform in less than six months. The Bhutanese bank launched last week.
Finastra’s extensive breadth and depth of banking capabilities, combined with advanced technology, has enabled ORO Bank to quickly establish a competitive advantage in the market.
Finastra’s cloud-based core banking solution ORO Bank We aim to provide a safe, innovative and sustainable banking experience.
ORO Bank is part of the Gelephu Mindfulness City Special Administrative Region (SAR), a strategic initiative announced by the King of Bhutan, aimed at serving both domestic and international customers, especially start-ups and emerging businesses.
This includes young start-ups, companies operating in disruptive industries, and individuals with non-traditional careers.
Currently, ORO bank accounts are Open From a variety of locations including Singapore, the UK, the US and many Eurozone countries.
Account holders will have access to a broad ecosystem of traditional and future financial services (TradFi and FutureFi).
However, regulations currently restrict Bhutanese nationals from opening an account. You may want to consider the banking option of DK Limited. DK Bank Division Instead.
ORO Bank is also committed to monitoring and offsetting its carbon footprint and donating 1% of profits to initiatives that promote sustainability.
Unlike traditional banks that follow a fractional reserve banking system, ORO Bank operates on a full reserve model, with 100% of customer deposits backed by reserves.
This approach reduces the risks associated with bank runs, such as those seen in the recent collapse of Silicon Valley Bank, and ensures that customer funds are available whenever they are needed.
Mike Kayamori
“We are pleased to be working with ORO Bank to bring this technology to market,” said Mike Kayamori, CEO of ORO Bank.
“In addition to contributing to the Mindfulness City, we aim to be the bank of choice for global start-ups and innovative emerging companies.
Finastra’s expertise in cloud-first adoption and supporting new digital banks in the region is unmatched. We knew that working together would create a great partnership and help us realise our vision for a different kind of bank.”
Siobhan Byron
Siobhan Byron, Vice President, Universal Banking Finastra Said,
“The bank thrives by bringing innovators and entrepreneurs from around the world together to collaborate, which reflects Finastra’s philosophy of open finance.”
We are pleased to have helped ORO Bank start its journey. Our platform is ideally positioned to enable the bank to focus on their inspiring vision and customer service, while we take care of their core banking operations.”
