Russia’s largest online bank Tinkoff plans to apply for a digital banking licence in the Philippines, Interfax reported on Monday, citing an unnamed representative from owner TCS Group.
Tinkoff offers a raft of financial and lifestyle services to its around 15 million customers as it is shifting away from pure banking and is also looking at new markets.
The application for the licence in the Philippines is a part of TCS’s strategy to enter the Asian financial market, Interfax cited the group’s representative as saying.
The planned capital of TCS’s subsidiary in the Philippines would be slightly below $40 million, Interfax reported.
TCS is due to report its quarterly financial results on Thursday.