Digital Banking

Finastra to power Oro Bank

Photo: Adobe Stock

June 13, 2024

Finastra, a fintech company, is powering Oro Bank, a digital bank based in Bhutan. The bank is part of the Gelephu Mindfulness City Special Administrative Region initiative, which aims to boost economic growth and improve Gross National Happiness, according to a press release.

Oro Bank used the Finastra Essence cloud solution to tap into software-as-a-service core banking. The bank's overall goal is to provide safe and sustainable banking.

"We are Asia's first full reserve digital bank, and we believe in safe and sustainable banking, providing peace of mind for our customers with our full reserve banking ethos, avoiding pitfalls of the fractional reserve system," Mike Kayamori, CEO of Oro Bank, said in the release. "Aligned with the principles of the Gross National Happiness philosophy we're bringing financial infrastructure to enable personal, corporate and financial growth in an environmentally, socially and economically sustainable manner. In addition to serving the Mindfulness City, we aspire to become the preferred bank for global startups and innovative emerging businesses."

"This is a bank that thrives in bringing innovators and entrepreneurs around the world together to collaborate – a reflection of the same open finance ideals we hold at Finastra. It is a pleasure to have helped kick start ORO Bank's journey. Our platform is ideally placed to enable the bank to focus on its inspiring vision and customer service, while we take care of the core banking operations," Siobhan Byron, EVP, universal banking, Finastra, said in the release.