Oradian Pioneers Next-Gen Financial Services with Local Flair in the Philippines

Oradian Pioneers Next-Gen Financial Services with Local Flair in the Philippines

by May 6, 2024

Oradian stands as an established technology partner within the Philippines’ thriving fintech landscape. For nearly a decade, this cloud-based core banking platform provider has anchored its Philippine operations in Makati, the bustling heart of Metro Manila’s financial district.

Emphasising the significance of personal partnerships, Oradian staunchly believes in the value of local presence — a conviction evident as even its Europe-based teams embark on regular excursions to engage with clients, colleagues, and partners across Southeast Asia.

Cloud-based Core Banking Powering Financial Inclusion

The landscape of financial services in the country has been significantly shaped by the digital revolution, with fintech firms playing a pivotal role to step into the gaps that traditional banking is struggling to fill, particularly in rural areas as well as the increasingly dynamic demands of customers in urban centres.

In 2022, the Fintech Philippines Report 2023 highlighted a leap towards digitalisation, with 42.1% of retail payments becoming digital and a noticeable rise in financial account ownership to 65.6% from 56% in 2021.

Between 2019 and 2021, approximately 22 million Filipinos gained access to formal financial accounts, indicative of the sector’s rapid growth. However, outdated legacy banking systems are struggling to keep up with the heightening demand, leading to urgent need for modernisation of not just core banking systems, but newer digital bank and open finance frameworks as well that are helping accelerate large unbanked or underserved parts of the Philippine population into the formal financial system.

Cloud-based core banking solutions are becoming pivotal in this digital migration, aiding in reducing vulnerability and risk for those individuals, and is “likely to have a positive effect on economic development” according to the Asian Development Bank.

As of mid-2021, over 40 banks in the Philippines have received approval from the BSP to switch to cloud-based core banking to gain operational improvements and expand their client base, boosting financial inclusion.

Oradian Complements the Philippines Financial Inclusion Push

Oradian provides a core banking platform designed to help financial institutions, especially in emerging markets like the Philippines, to grow and scale efficiently.

Their flagship product, a cloud-based banking software, offers the speed and reliability of traditional banking systems with the added benefits of flexibility and customisation.

Antonio Separovic

Antonio Separovic

This particular blend allows Oradian to cater to the specific needs of local banks, microfinance institutions, digital lending firms, SME financiers, and digital banks — enabling them to streamline operations, enhance customer experiences, and extend their services to underserved communities.

“Our on-the-ground team understand the local business environment, and can therefore fully relate to our customer’s needs,”

CEO of Oradian Antonio Separovic emphasises, highlighting the importance of their local presence in delivering tailored solutions that bring real value to Filipino banks, fintechs, and digital branchless banks.

Fostering Fintech Collaboration: Oradian and Salmon

Oradian’s commitment to the Philippines is embodied in its partnerships with local fintechs, such as with credit-led fintech, Salmon. These collaborations are founded on a shared vision to foster financial education and inclusion, leveraging Oradian’s technological prowess and local market understanding.

Since starting with in-store consumer financing in the Philippines market in 2022, Salmon has championed financial inclusion for those underserved by traditional banking. The fintech has since seen its customer base more than double in recent months, and over 92% of them  use the Salmon app to monitor and pay back their in-store financing.

The fintech startup continues to grow, and to handle its expansion in the local market, engaged Oradian for its combination of flexible, scalable technology suite and comprehensive in-market customer support.

George Chesakov

George Chesakov

George Chesakov, Co-Founder, and Bank President of Salmon, articulates the synergy between Oradian and Salmon:

Partnering with Oradian in the Philippines offers strategic alignment and mutual benefits for Salmon, Oradian, and our end-clients. We’ve done extensive research into core banking systems, and found Oradian offers the best combination of flexibility, scalability, cost of ownership and being hosted in the cloud.

It not only enhances our company’s operational capabilities, but also helps us to expand our product offering, ensure regulatory compliance, and ultimately, improve the overall customer experience, driving our growth and success in the Philippine fintech landscape.

 

“This ensures that there is a shared vision for the collaboration and a clear understanding of what each party hopes to achieve. Both parties should be committed to building a lasting relationship that creates sustainable value for all involved, including the end-clients,”

adds Antonio, citing the mutually aligned goals and objectives Oradian shares with its local fintech partners like Salmon.

George further emphasises the importance of technology in business growth, highlighting Oradian’s blend of a cloud-hosted, ready-made solution with personalisation capabilities.

Localised Philippines Team: Key to Oradian Growth

Investing in local talent has been a cornerstone of Oradian’s growth strategy, enriching its operations and service offerings.

The local team’s market insights and cultural sensitivity play a crucial role in tailoring solutions that resonate with the needs of Filipino financial institutions, establishing strategic partnerships and modernising core systems at scale. This all comes together to provide wider accessibility to the country’s financially underserved.

“Our on-the-ground team understand the local business environment, and can therefore fully relate to our customers’ needs,”

Antonio says local teams are better equipped to navigate cultural nuances, regulatory changes, and emerging trends, enabling its customers to stay agile and responsive to market needs.

“Our team brings diverse perspectives and experiences to the table, fostering innovation and creativity within our company. By harnessing the collective insights of all our team members, we can develop innovative solutions that meet the evolving needs of customers in the Philippine market,”

he continues.

“Why do we, as a business, buy technology from external providers? To empower us to take the next step without being limited by internal constraints,”

Salmon’s George reflects on the broader impact of technology in driving growth and freeing businesses from traditional barriers.

The Oradian Vision for the Philippines

Antonio outlines how the strategic initiatives of Oradian prioritise deep market penetration and support for local financial institutions.

Oradian Pioneers Next-Gen Financial Services with Local Flair in the Philippines

Oradian differentiates itself in the Philippines with a localised product approach, comprehensive customer support, and subscription-based pricing models tailored to the local market.

Oradian chose Makati for their office to be strategically situated right in the heart of the Philippines financial hub. This local presence does wonders, from ensuring that Oradian is smoothly aligned with local regulatory compliance, to enabling easily accessible customer support and community engagement.

Being better positioned to comply with local regulatory requirements, localisation in the Philippines means that Oradian technical support and maintenance teams also are closer to support customer needs.

The same applies to reduced risk management, with Oradian able to provide greater visibility and control over a supplier’s operations, security protocols, and disaster recovery plans.

On establishing strategic partnerships, Antonio highlights the importance of mutual benefits, shared goals, and a commitment to success.

“Our partnerships with local fintechs like Salmon are structured around enhancing the financial ecosystem in the Philippines, with a focus on digital banking capabilities, operational efficiency, and improved customer experience,”

he explains.

A Financial Future Woven Together

Oradian’s journey in the Philippines is a testament to the influence and convenience of local presence, and the critical synergy of partnerships like the one with Salmon. It’s about laying down roots in a community, understanding its unique needs, and working together towards a future where financial services are accessible, inclusive, and empowering.