Mambu has bolstered its dominance of the cloud banking technology sector in the Asia Pacific region, expanding its customer base to now include 10 customers in Australia, bringing the number of customers in the Asia Pacific region to close to 50.

Mambu’s recently appointed CEO, Fernando Zandona, visiting the region from Mambu’s head office in Amsterdam, said, “Mambu Asia Pacific continues to go from strength to strength, securing several new customers in Australia, Thailand, Malaysia, Indonesia, the Philippines and Singapore in recent months. Asia Pacific is an incredibly important market for us from a strategic perspective, and we are committed to continuing to expand our customer and partner relationships in the region.”

Mambu Asia Pacific launched in Singapore in 2016, and counts high-performing and innovative financial service providers such as Bank Islam in Malaysia, Cake, Timo and TNEX in Vietnam, Bank Jago and Bank INA in Indonesia, GoTyme Bank and BankUNO in the Philippines and many more as customers.

“What I’ve seen on my visit to the region is that digital banking is experiencing rapid growth in Asia Pacific right now, with new entrants to the market delivering strong competition to incumbent banks. This ‘hot’ market is due, in part, to an increased focus by regulators on digitalisation, with new digital banking licences being awarded in many countries, as well as evolving customer demands driving innovation. We’ve seen this accelerated growth trajectory in EMEA in recent years, and it’s a truly exciting time for the industry. From our experience, it’s absolutely vital that traditional, established banks act now to ramp up their digital transformation efforts to be able to compete effectively with the new players. As the acceptance of cloud grows in the region, we are seeing increased interest in our services among some very exciting financial service providers in the Asia Pacific region.”

Apart from regulatory changes, digital banking is growing rapidly in Asia Pacific thanks to the young and digitally-savvy populations of the region, as well as the higher numbers of unbanked and underbanked consumers. The positive impact that digital banking can have on financial inclusion is a key consideration for many of Mambu’s Asia Pacific customers.

Continues Zandona, “As digital transformation heats up in Asia Pacific, it is crucial that financial institutions focus on retaining the ability to respond swiftly to changing conditions, and act strategically when it comes to their technology decisions. Asia Pacific financial institutions that partner with Mambu are able to remain agile while operating on a lean budget, and can find better and faster ways to meet their customers’ expectations.

“There is simply no turning back for the financial services industry anywhere in the world – the future is digital, and if a bank, lender or financial service provider doesn’t have a digital transformation strategy mapped out then they will soon be left behind,” he concludes.