Finance

Revolutionizing Banking: ORO Bank's Pioneering Cloud-First Approach Towards Sustainable Finance

LONDON, June 4, 2024 /PRNewswire/ -- A groundbreaking cloud-first banking institution named ORO Bank is increasingly becoming the cynosure of the global financial community. This innovative platform extends an unmatched chance for individuals and business enthusiasts worldwide to participate in a banking atmosphere that champions the concepts of innovation, sustainability, and mindfulness.

ORO Bank's launch is a substantial component of a strategic visionary initiative known as the Gelephu Mindfulness City Special Administrative Region (SAR). Endorsed by His Majesty the King of Bhutan, this initiative maps out an economic district poised to thrive, with its foundation solidly resting upon the tenets of Bhutan’s Gross National Happiness (GNH). Within this scheme, essentials such as equal tempering of economic advancement, the safeguarding of cultural identity, the pledge to environmental sustainability, and the espousal of good governance are meticulously interwoven.

Mike Kayamori, the Chief Executive Officer at ORO Bank, heralds the institution as the pioneer of full reserve digital banking in Asia. There is a pronounced focus on maintaining a trustworthy and sustainable banking scenario, offering clientele the much-needed assurance with its full reserve banking discipline. This sharply contrasts with the shortcomings often encountered with the fractional reserve systems. ORO Bank embodies the Gross National Happiness philosophy, underpinning a financial structure that promotes growth that's balanced across personal, corporate, and financial sectors in ways that are socially, economically, and environmentally sustainable. Kayamori shared aspirations to position ORO Bank as the bank-of-choice for burgeoning global startups and innovative, emerging businesses—extending beyond their primary role in servicing the Mindfulness City.

In his enthusiastic elucidation, Kayamori remarked, “Finastra's formidable capabilities in spearheading cloud-first deployments and their unparalleled support for the digital banking entities in this region are unprecedented. We were convinced that a collaboration of such caliber would serve as a catalyst in materializing our distinctive banking concept.”

By integrating Finastra Essence within the cloud ecosystem, ORO Bank has masterfully leveraged a Software as a Service (SaaS) core banking solution, successfully marking its presence in the global marketplace within a mere span of six months. Finastra's compelling offer, boasting a perfect amalgamation of expansive, profound banking functions alongside cutting-edge technology, empowers ORO Bank with a distinguishing strategic edge. It significantly propels the bank's sustainability goals forward through the adept use of cloud technology.

Siobhan Byron, who serves as the Executive Vice President of Universal Banking at Finastra, expressed immense gratification over the joint venture, highlighting how ORO Bank resonates with an entrepreneurial and innovative mindset that champions cooperation—a mirror to the open finance principles esteemed at Finastra. “It has been a wholly fulfilling journey to lay the foundation for ORO Bank's ventures. Our platform is painstakingly designed to empower the bank to prioritize its compelling mission and client service, leaving the core banking operations to our expertise,” she detailed.

For those intrigued by the progressive ethos and objectives of ORO Bank, comprehensive details can be unearthed here. Likewise, individuals seeking to delve into the intricacies or are curious about Essence, Finastra's SaaS core banking offering, are encouraged to click here.

About ORO Bank

Under the banners of security, innovation, and entrepreneurial spirit, ORO Bank emerges as the foremost full-reserve digital financial sanctuary in the Asian continent. ORO Bank promises its clientele the solace that all their deposits are meticulously backed by 100% corresponding reserves. This pledge is poised to attract disruptive startups and avant-garde business personas looking for a formidable banking partner. Rooted in the placid, governance-strong landscape of Bhutan, ORO Bank thrives within the Gelephu Mindfulness City SAR. It beckons global individuals and corporate entities to ally with a banking institution that resides in a testament to vibrancy, fostering an environment rife with innovation, sustainability, and contemplativeness.

About Finastra

A titan in financial software and marketplace provision, Finastra, has globally carved a niché for itself since launching the foremost platform for innovation, the FusionFabric.cloud, in 2017. An archetype of excellence, Finastra caters to a broad demographic of institutions—ranging from nascent to famously established, offering superior, commendation-worthy software programs and services. Its domains of mastery include Lending, Payments, Treasury & Capital Markets, as well as Universal Banking, encapsulating Retail, Digital, and Commercial Banking. Its overarching theme of embracing an open and collaborative financial future has amassed the trust of over 8,000 institutional clienteles, including 45 from the elite top 50 banks worldwide. Their pioneering journey and commitment to open finance continually foster a spirit of collaboration across the financial spectrum.

For a visual introduction to Finastra and its robust financial ecosystem, the following logo can be viewed here.

SOURCE Finastra

With the collective efforts of ORO Bank and Finastra, the rise of an innovative, secure, and green banking landscape is becoming a tangible reality. The synergy between ORO Bank's visionary banking approach and Finastra's technological acumen has set a precedent for future endeavors in the financial domain. ORO Bank's commitment to mirror the holistic Gross National Happiness of Bhutan in its banking practices not only redefines customer confidence but also serves as a beacon for sustainability and mindfulness in banking. On the other hand, Finastra's role in providing a robust cloud-based SaaS solution underscores the shift towards cost-effective, scalable, and environmentally-conscientious examples of financial services infrastructure.

As the financial sector grapples with the need for agile transformation and the incessant demand for responsible stewardship in the global economy, the collaboration between a visionary financial institution and a leader in fintech innovation marks a significant milestone. The ethos, culture, and technology intertwined in this partnership illustrate the powerful potential when tradition meets innovation, and purpose aligns with praxis.

Financial institutions across the world draw inspiration from such collaborative successes, as they navigate the intricate avenues of customer satisfaction, regulatory compliance, and technological integration. The blueprint laid out by the coming together of ORO Bank and Finastra may well be replicated across other sectors seeking to embrace the cloud-first philosophy and the principles of Gross National Happiness.

In closing, the strides made by ORO Bank under the guidance of leaders like Mike Kayamori, and the facilitative technology of Finastra, provides a glimpse into the future of banking—a future where financial operations are not merely transactions but experiences enriched with intention, integrity, and innovation. As this new chapter in the story of banking unfolds, the world watches with eager anticipation, ready to witness how the confluence of financial mindfulness and cutting-edge technology will shape the landscapes of tomorrow's economy.

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