Moscow-based neobank Tinkoff Bank intends to open a digital bank in the Philippines as part of the company's strategy to enter the Asian financial market.
The share capital of the digital subsidiary will amount to 2 billion Philippine pesos ($40 million). It will consist of 20 million ordinary shares with a par value of 100 Philippine pesos each. The initial fully paid-up capital of the subsidiary will reach 1 billion Philippine pesos.
Tinkoff bank is the biggest digital bank in Russia with more 13 million customers. The plans to enter the international markets of TCS Group, which includes Tinkoff Bank, were announced in March 2021.
The Central Bank of the Russian Federation