Local fintech taps Indian forex solutions provider

MANILA, Philippines — Local fintech startup Octopus Technologies Corp. (OTC) has partnered with Credence Analytics, a global solutions provider based in Mumbai, India, to enhance its financial analytics and services, especially for cross-border transactions.

Through partnerships with global solutions providers, OTC aims to enhance its capabilities to work with its local clients to understand their needs and requirements before creating the best solution for their organizations.

These providers’ products and services are trusted by the top banks in the Philippines and manage over $100 billion of customer assets globally.

“Our vision is to become the top-of-mind solutions provider in the entire banking, financial and insurance industry,” said OTC chairman Michael Hortaleza.

“We intend to do this by making our solutions accessible to all customers through software automation that promotes good governance and transparency. Digitalization and automation are now reaching even the most remote rural areas of the Philippines, empowering people with technology for banking and financial services,” he added.

“Through our partners, we are bringing these innovative solutions to their customers nationwide.”

Credence is one of the largest foreign exchange solutions provider in India, handling more than 40 percent of all forex transactions in the country. It is also one of the largest wealth and fund management platforms in the Philippines, with the largest bank in the country as one of its partners.

“Credence Analytics has been one of the best vendors we have been associated with. We selected Credence Analytics after evaluating vendors from multiple countries mainly for the comprehensiveness of their product in handling both IMA as well as TIF business, for the eagerness shown by them throughout the evaluation period and excellent references provided by their existing customers,” said Ador Abrogena, Trust and Investment Group head at BDO.

OTC, on the other hand, offers comprehensive solutions in trust management, integrated treasury and risk management that drive efficiency, and provide key insights that enable clients to make informed financial decisions.

“OTC’s competitive advantage lies in its specialized fintech offerings, application programming interface approach, and high-speed, scalable infrastructure, making it a strong choice for financial institutions looking to modernize operations,” said OTC president Don Paolo San Jose. “As we speak, OTC is in talks with medium and large financial institutions regarding their requirements and we are presenting them with solutions that best fit their needs.”