Asia’s first full reserve digital bank, ORO Bank, launches in Bhutan powered by Finastra
ORO Bank, a new cloud-first financial institution, has launched in Bhutan with a mission to “enable personal, corporate and financial growth in an environmentally, socially and economically sustainable manner,” according to CEO and founder Mike Kayamori.
ORO Bank launches in Bhutan powered by Finastra Essence
To power its operations, the bank has teamed up with global financial software provider Finastra to leverage its Essence solution in the cloud.
The London-based fintech says that ORO Bank was able to launch to global markets within just six months by utilising its Software-as-a-Service (SaaS) core banking tech.
The new bank, which claims to be Asia’s first full reserve online bank, has been built to serve the Gelephu Mindfulness City Special Administrative Region (SAR), a new strategic initiative recently announced by the King of Bhutan.
This project envisions a 1,000 square-kilometre economic centre in South Bhutan that integrates cultural preservation, equitable economic growth, good governance, and environmental sustainability – the core tenets of the country’s Gross National Happiness (GNH) philosophy.
Kayamori adds that the challenger aspires to be the “preferred bank for global start-ups and innovative emerging businesses”.
“Our belief is simple – banks are here not to risk your savings, but to provide the financial infrastructure to enable personal, corporate and financial growth,” he writes in a message on the company’s website.
“Our onboarding process is designed to enable start-ups and innovators with unproven, unconventional or potentially disruptive business models to open accounts,” Kayamori says, adding that account holders will have access to a “broad ecosystem of TradFi and FutureFi services”.
Furthermore, Kayamori emphasises ORO Bank’s commitment to values like “sustainability and mindfulness”, with the pledge to “actively monitor and offset” its carbon footprint and donate 1% of its profits to initiatives promoting sustainability.
