Thought Machine core banking platform adopted by CIBC and CLICX

Thought Machine, a London-based fintech company, has secured major adoption of its Vault Core cloud-native platform by financial institutions in Canada and Thailand.

In Canada, CIBC is implementing the technology to modernize its retail banking operations. The bank is currently piloting The Simplii Account as part of a multi-year strategy to establish advanced capabilities, such as real-time payments, and move away from legacy infrastructure. CIBC is also a strategic investor in Thought Machine, having co-led its Series E funding round.

In Thailand, the virtual bank CLICX, backed by Krungthai Bank, AIS, and OR, has selected the same platform to power its operations. As Thailand’s first branchless commercial bank, CLICX aims to serve freelancers, daily-wage earners, and small business owners. The bank intends to use the platform’s flexibility to offer tailored products, including nano-loans and digital personal loans, by leveraging data from its shareholders’ mobile and retail networks.