Tinkoff Global PTE

History

2021: Establishing a Company

Tinkoff established a subsidiary in Singapore to develop a new market - it was called Tinkoff Global PTE. This was announced by the bank on January 12, 2022.

This company was created as part of the process of international expansion of the group. As we said earlier, we are in dialogue with regulators and market participants in a number of fast-growing countries in Southeast Asia, the Tinkoff press service quotes TASS.

The representative of the group in a conversation with the agency also noted that obtaining regulatory approvals, as a rule, takes a long time. TASS clarifies that, according to the list of affiliates with the bank, Tinkoff Global PTE entered the TCS Group in October 2021.

Tinkoff created a daughter in Singapore to develop a new market

Earlier, Tinkoff said that the group views the Southeast Asian market as promising, and the Tinkoff Global business unit was formed to work with local regulators.

In the Asia-Pacific region, by January 2022, about 50 digital banks were registered, more than 70% of which appeared only in 2016-2020, follows from the data of the consulting company Boston Consulting Group (BCG). Until 2015, there were few digital banks in the region due to limited infrastructure, regulatory barriers, insufficient interest from customers and existing banking oligopolies, McKinsey notes.

Unlike Europe and the United States, where many non-banks are startups, in Asia digital banks are often in consortia and supported by technology and non-financial companies. They rely on existing user bases, data and technologies. For example, Xiaomi owns a stake in Chinese XW Bank, and the manufacturer of auto components Wanxiang Group - in MYBank.

According to BCG, only 13 of 249 digital banks around the world are profitable, with 10 of them in the Asia-Pacific region, two in Britain, and another - Tinkoff^[1]

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