SAL sees a gap in Philippine Banks’ perception and expectations of digital transformation, citing the need for digital infrastructure revamps
SAL recognises the potential of the Philippines’ banking sector as a future key market
Silverlake Axis (“SAL”) (SGX: 5CP), a Singapore-mainboard listed core banking, fintech, and digital banking solutions provider, together with International Data Corporation (IDC), a global market intelligence provider, organized an Executive Lunch Roundtable that hosted interactive discussions around future-ready banking.
Since the region’s economic reopening last year, Southeast Asia has seen a flurry of activity and investment in digital banking, digital transformation and core modernisation, with the Philippines as one of the most active in the region.
“Banks in the Philippines and ASEAN are stepping up their digital transformation so that they can holistically enhance their End-to-End Banking Capabilities with Future Ready Model & Platform, premised on strong Digital Engagement and Collaborative Capabilities with OpenAPI & Cloud Optimization”, shared Soo Eng Tan, Senior Solutions Director at Silverlake Axis.
“Banks recognize the growing expectations and are actively seeking proven Solutions and Partners that ensure Stability & Scalability, Accelerated Core Modernization whilst Mitigating Risks of high-impact Dynamic Transformation. To meet the Strategic Issues and Opportunities (as highlighted by IDC Research), Banks should leverage a Partner with Proven Experience, Expertise & Execution that allows them to differentiate themselves and provide the necessary bespoke customization, as well as avail Parallel Core Options & Optimization and Seamless CoExistence & Bridge in their Evolution Journey.”
The Philippines’ digital banking sector is undergoing rapid changes as banks recognise the value of digital transformation towards the achievement of their goals. Regulations are becoming more favourable as regulators look to lay the necessary groundwork for financial service providers and fintech players to succeed and thereby reach complete financial inclusion.
Together, IDC and SAL have researched and documented how banks can successfully
transform their existing systems and infrastructure by transforming core digital banking systems. Earlier this year, the two companies released a report highlighting SAL’s MÖBIUS Bridge, diving deep into the pitfalls of digital transformation and how banks in APAC can successfully navigate them.
The event was hosted by IDC, a global market intelligence provider, and sponsored by SAL. Cyrus Daruwala, IDC’s Managing Director of APAC, delivered the opening note while Soo Eng Tan, SAL’s Senior Solutions Director, presented insights on Future Ready Banking. This was followed by a roundtable between Cyrus, Soo Eng, and delegates before ending with a networking session.
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