Finastra powers Asia’s first fully digital reserve bank

Finastra has announced that it is powering ORO Bank, Asia's first fully digital reserve bank. This new institution, operating on a cloud-first model, aims to serve individuals and businesses in Bhutan and worldwide, with an emphasis on safety, innovation, and sustainability.

As part of a visionary strategic initiative, ORO Bank is integrally linked with the Gelephu Mindfulness City Special Administrative Region (SAR), recently unveiled by His Majesty the King of Bhutan. This development seeks to amalgamate economic growth with Bhutan’s unique philosophy of Gross National Happiness (GNH), which prioritises equitable economic growth, cultural preservation, environmental sustainability, and good governance.

Leveraging Finastra Essence in the cloud, ORO Bank successfully launched its services to global markets within six months. The SaaS core banking solution provided by Finastra offers extensive banking functionality combined with advanced technology, enabling ORO Bank to maintain a competitive edge and achieve its sustainability goals through cloud operations.

Siobhan Byron, EVP of Universal Banking at Finastra, remarked, "This is a bank that thrives on 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."

Mike Kayamori, CEO of ORO Bank, elaborated on the bank’s mission, stating, "We are Asia's first full digital reserve bank, and we believe in safe and sustainable banking. By providing peace of mind with our full reserve banking ethos, we avoid the pitfalls of the fractional reserve system. Aligned with the GNH philosophy, we aim to bring financial infrastructure that supports personal, corporate, and financial growth in an environmentally, socially, and economically sustainable manner. Beyond serving the Mindfulness City, we aspire to become the preferred bank for global startups and innovative emerging businesses."

Kayamori added, "Finastra's expertise in cloud-first deployments and supporting new digital banks in this region is second to none. We knew working together would result in a wonderful partnership, helping us bring our vision for a different kind of bank to life."

The Gelephu Mindfulness City SAR initiative is an ambitious project designed to create a thriving economic centre that aligns with Bhutan’s core principles of GNH. This effort not only aims to promote economic prosperity but also seeks to preserve the cultural heritage and natural beauty of Bhutan while ensuring sustainable and inclusive governance.

ORO Bank’s establishment is seen as a landmark development in providing a financial ecosystem that promotes innovation, sustainability, and mindfulness. The bank's reliance on Finastra’s robust cloud-based technology has facilitated its rapid market launch and helped it leverage a competitive advantage.

For Finastra, this partnership with ORO Bank is another example of its commitment to fostering open finance and supporting innovative financial institutions worldwide. By providing a comprehensive and advanced SaaS banking solution, Finastra continues to enable banks to focus on delivering exceptional service to their customers while managing core banking operations efficiently.