Magyar Bankholding Ties with Thought Machine to Launch New Digital Bank

Magyar Bankholding, Hungary's second largest bank, has selected Thought Machine's core banking system, Vault, to launch a new digital bank.

Magyar Bankholding was created in late 2020 as a result of a three-way merger of Budapest Bank, MKB Bank, and savings group Takarekbank (MTB).

Budapest Bank and MKB Bank were long-standing users of the Flexcube core banking system from Oracle FS.

Magyar Bankholding created a new division called Foundation, tasked with building a new digital bank that will offer lending, savings, and payments products to retail clients. Vault will be the start-up's core banking platform.

Magyar Bankholding joins a group of banks from around the world that have chosen Vault for their neobanking efforts, including Intesa Sanpaolo, ING, JP Morgan Chase, SEB, and Standard Chartered. These banks are also investors in Thought Machine.

"Unlike other core banking providers, Thought Machine is proven to have supported world-class Tier 1 banks as they launch exceptional greenfield propositions to the market," the banking tech vendor states.

(Source: Fintech Futures)