Magyar Bankholding signs Thought Machine to launch new digital bank
Magyar Bankholding, Hungary’s second largest bank, has selected Thought Machine’s core banking system, Vault, to launch a new digital bank.
Magyar Banholding will launch a new digital bank on Thought Machine’s Vault core system
Magyar Bankholding was created in late 2020 as a result of a three-way merger of Budapest Bank, MKB Bank, and savings group Takarekbank (MTB).
Budapest Bank and MKB Bank were long-standing users of the Flexcube core banking system from Oracle FS.
Magyar Bankholding created a new division called Foundation, tasked with building a new digital bank that will offer lending, savings, and payments products to retail clients. Vault will be the start-up’s core banking platform.
Magyar Bankholding joins a group of banks from around the world that have chosen Vault for their neobanking efforts, including Intesa Sanpaolo, ING, JP Morgan Chase, SEB, and Standard Chartered. These banks are also investors in Thought Machine.
Standard Chartered’s banking start-up in Hong Kong, Mox, went live on Vault (plus a host of other systems and applications) in September 2020. Since then, Mox has overhauled its senior leadership team – it appointed a new chief executive officer (CEO), chief information officer (CIO), and chief data, security, and innovation officer (CDSIO).
SEB (through its SEBx innovation division) launched Unquo – a finance management app for Swedish freelancers and solo-entrepreneurs – in 2020, using Vault and Google Cloud.
ING went live with a new consumer lending product on Vault last year at its Polish subsidiary, ING Bank Śląski.
“Unlike other core banking providers, Thought Machine is proven to have supported world-class Tier 1 banks as they launch exceptional greenfield propositions to the market,” the banking tech vendor states.
