PHOENIX INTERNATIONAL PROVIDING MODERN DIGITAL BANKING SOLUTIONS IN EMERGING MARKETS
Since 2020, Phoenix International Limited has invested US$6 million in modernising and upgrading its core banking platform to satisfy the demands of financial institutions and their customers in the Caribbean and Latin American region.
Dmitri Dawkins, Commercial Director, Phoenix International, says the investment is intended to strengthen the customisability of its core banking infrastructure to accommodate solutions specific to the markets in which Phoenix operates.
“We understand that the challenges faced within emerging markets like the Caribbean are not the same as those in Europe and North America. For this reason, we are on a mission to catalyse financial inclusion and fintech adoption in emerging markets globally, thus strengthening financial institutions’ ability to meet national and regional compliance requirements and secure profits for their stakeholders,” he said.
Mr Dawkins said the company recognises that the banking industries of several emerging economies, including St Lucia and St Vincent and the Grenadines, have grown at extraordinary rates in recent years, and that Phoenix is committed to helping banks and other financial institutions benefit from this regional expansion.
He underscored that Phoenix International is regionally bred, and, therefore, understands that increasing trade barriers, changes in capital flows, financial instability, and overflows from developed nations’ monetary policies create a complex global environment for emerging market financial institutions. To address this, it has sought to establish new synergies with regional fintech companies.
Loan origination partnership with Caribbean-based Loan Cirrus
In 2022, Phoenix International partnered with LoanCirrus to provide financial institutions with a fully digital lending solution. This multi-year partnership with LoanCirrus is the first of many planned collaborations with regional fintech partners to implement tailormade and innovative banking solutions for emerging markers.
LoanCirrus’ integration into the Phoenix International core banking system enables banks to deliver a transparent and completely digital loan application process to their customers. This streamlined approach allows businesses to automate the growth of their loan portfolio while reducing operating costs – effectively enabling them to focus on developing new lines of business and customer satisfaction.
