Russian Digital Bank Tinkoff Plans Extension to the Philippines

​Russia’s largest digital bank Tinkoff is planning to extend coverage into the Philippines, according to the local news agency Interfax. 

The bank’s Philippine branch is reported to have a planned initial capital of around $40 million.

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The Tinkoff financial ecosystem offers a full range of financial and lifestyle services for individuals and businesses via its mobile app and web interface. At the core of the ecosystem is Tinkoff Bank, one of the world’s biggest online banks with approximately 15 million customers. The bank is owned by London-listed TCS Group Holding PLC (TCS), an innovative provider of online retail financial services.

And the extension is part of TCS’ strategy to extend footprints into the Asian market.