Tonga Development Bank (TDB), the longest serving bank in the Kingdom since 1977, today announced that it has chosen European paytech BPC to be its HA’AMO 2 (solution partner), helping to accelerate digital transformation in the Polynesian banking sector.
Using BPC’s SmartVista Platform, TDB will be able to issue Visa Debit as a first step in the overall modernisation of its payments infrastructure. It will also be using SmartVista for payment and card management, fraud prevention, 3D Secure, and Interfaces to Visa.
A geographically remote archipelago, Tonga sees half of its roughly 216,000 citizens currently residing abroad. As overseas Tongans transfer remittances home to their families, income from remittances is estimated to be about the same as total GDP.
Remittances take the form of cash and material goods, such as appliances and clothing, and play a crucial role in the Tongan economy, as the nation has few exports, with unemployment being common in rural areas.
While Tonga is the latest country served by BPC in the archipelago, the move marks an important milestone for BPC’s position in Polynesia and the Pacific Islands in general and aligns with its vision to enable digital adoption across the globe.
Commenting on the partnership, Mrs ‘Emeline ‘Uheina Katoa Tuita of Pangai CEO of TDB said:
“As an important part of Tonga’s economic ecosystem, we are proud to be welcoming in new generation technology and leading the way when it comes to digital adoption. With BPC, we are partnering with a force that will help catalyse our digital transformation and bring about a banking experience that customers have not seen before. ”
Angelo Bertini, SVP, BPC said: “We are proud to partner with Tonga Development Bank to accelerate the Pacific's economic, social and environmental development, especially as the region recovers from the impact of the COVID-19 pandemic. We aim to help them lead the way in seamless and flexible banking in this part of the world, creating a high-quality banking experience for their customers.”
The bank is uniquely placed to catalyse digital transformation in the region as it plays a crucial role in promoting Tonga’s economic and social advancement. With an extensive network of branches in the main centres, it already plays a vital role in lifting financial inclusion among the Tongan community.
Their microloan products have helped boost small business initiatives and savings in villages. As the longest-running provider of microloans in the Polynesian nation, TDB has helped facilitate the development of critical economic sectors in the country, particularly small-scale farming and handicraft-making.
TDB has selected SmartVista for its user experience design and the flexibility to customise products to suit the bank’s specific needs without the need for coding or additional investment. Easy to use, SmartVista can be seamlessly integrated using APIs with other third-party systems.
It provides the tools required for the bank’s operations team to manage and monitor critical systems effortlessly. At the same time, the end customer gets a hyper-personalised experience that is hard to replicate with other providers.