Winspire Business Outsourcing Services Inc., a Philippine fintech company established by South Korea’s TGS Group, said Wednesday it has signed a Banking-as-a-Service agreement with Netbank to launch its digital payment platform, CPay.
CPay is a digital account-based platform that integrates payments, settlements and account linking for individual users and merchants. The service targets the cash-heavy Philippine market to expand non-cash transactions and improve settlement efficiency for merchants.
Under the agreement signed on Feb.10, Winspire will operate the platform, managing system development, user experience design, and merchant network expansion. Netbank, a bank regulated by the Central Bank of the Philippines, will provide the underlying financial infrastructure to ensure service stability and regulatory compliance.
"This BaaS agreement signifies that CPay is now fully operational within the Philippine financial regulatory framework," a Winspire official said. "We aim to create an environment where users and merchants can securely process digital payments without navigating complex financial procedures."
Following the launch, Winspire plans to invest in upgrading its technical infrastructure, strengthening its compliance and risk management capabilities and expanding its merchant network. Long-term, the company aims to use the Philippines as a hub to extend its digital payment and financial services across Southeast Asia.
sunblessyou@heraldcorp.com
