Tandem Bank embarks on international expansion

Digital challenger bank Tandem has made will start its international expansion with plans to open in Hong Kong before the year is out.

Tandem Bank is going to adopt the same approach to when it started in the UK with thousands of early customers, known as co-founders helping them shape their offering. In the UK there were 11,000 co-founders.

Tandem CEO Ricky Knox, told me in an interview early this year that the scheme meant that if you were an early customer you could help build the bank. This way, because customer demand will be different in Hong Kong to the UK, the bank will want to ensure it builds appropriately

According to Knox, Hong Kong is underserved in terms of digital banks.

In the UK it offers a credit card, mortgages, savings, personal loans and it plans to launch a current account. It uses open banking features and technologies like artificial intelligence to help customers manage their money. It has about 700,000 customers.

Speaking at Hong Kong fintech Week Knox said: “This is an extremely exciting step for Tandem and our first move into international markets. Our innovative products and services are perfectly suited to the market here in Hong Kong and we can’t wait to be able to share Tandem with the Hong Kong consumer.”

In Hong Kong Tandem is partnering with Hong Kong based finanacial advisor firm Convoy Global Holdings.

 

Read more about Tandem Bank

UK digital challenger bank Tandem migrated from its initial IT infrastructure to the Amazon Web Services (AWS) cloud over just one weekend in November without a hitch.

News that Tandem Bank has reached 500,000 customers is good for fintechs in that it shows consumers are looking at alternatives to traditional banks.

Tandem Bank’s chief technology officer had a close encounter with legacy banking when he left his previous job to pursue a career in fintech

Tandem Bank is accelerating the training of its artificial intelligence technology to offer customers tailored banking services with the appointment of a seasoned expert to train its artificial intelligence (AI) engine.

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