Winspire Business Outsourcing Services Inc., a Philippine fintech company backed by South Korea’s TGS Group, announced Wednesday its Banking-as-a-Service (BaaS) agreement with Netbank to launch its innovative digital payment platform, CPay.
CPay is designed as a comprehensive digital account-based platform, streamlining payments, settlements, and account linking for both individual users and merchants. The platform is specifically targeting the largely cash-dependent Philippine market, aiming to increase non-cash transactions and improve settlement efficiency for businesses.
The agreement, finalized on February 10th, outlines Winspire’s role in operating the CPay platform. This includes overseeing system development, crafting intuitive user experiences, and expanding the platform’s merchant network. Netbank, a regulated bank under the Central Bank of the Philippines, will provide the crucial underlying financial infrastructure, ensuring service stability and adherence to regulatory requirements.
“This BaaS agreement marks a significant milestone, signifying that CPay is now fully operational within the Philippine financial regulatory framework,” stated a Winspire official. “Our goal is to establish a secure and user-friendly environment where both users and merchants can seamlessly process digital payments, bypassing complicated financial procedures.”
Following the launch of CPay, Winspire intends to invest in enhancing its technical infrastructure, bolstering its compliance and risk management systems, and broadening its merchant network. The company has long-term ambitions to leverage the Philippines as a strategic hub for expanding its digital payment and financial service offerings throughout Southeast Asia.
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