Open Financial Technologies Pvt Ltd and MEDICI Global Inc. co-released an in-depth report on Banking-as-a-Service at the prestigious Singapore FinTech Festival, offering the first-ever comprehensive overview of the impact and pace at which this concept is driving disruptive change.
View full report: https://innovation.gomedici.com/report-on-banking-as-a-service
Banking-as-a-service (BaaS) is an end-to-end process where third parties – FinTech, non-FinTech, developers, etc. – can access and execute financial services capabilities without having to develop them organically. In this 40+ pages report, we explore various aspects of BaaS in detail: its history, operational models, drivers, and current global traction.
This report covers an in-depth analysis of the following:
- An Introduction to BaaS
- Drivers for BaaS adoption
- Regulatory triggers and implications
- The strategic importance of BaaS to banks
- Prominent global BaaS players
- Challenges and critical success factors
- Roadmap and the way forward
Some of the key insights derived from the report include the fact that Europe has seen a robust adoption of BaaS due to the advent of Open Banking regulations and the inclination of traditional banks to accept the same. The report also highlights key success factors and steps to ensure the successful implementation of BaaS.
Speaking on the occasion of the launch, Mabel Chacko, Co-founder & COO of Open, said, “BaaS is the gateway to a better banking world – it has already seen success in other markets like Europe. We at Open are really excited to see how banks in India are opening up to this collaborative approach, which is turning out to be a win-win for all the players in the ecosystem.”
Echoing the same sentiment, Amit Goel, Co-founder & CSIO of MEDICI, remarked, “At MEDICI, we are observing Banking-as-a-Service coming out of the sidelines and evolving into being a critical part of digital-centric initiatives worldwide. BaaS is clearly making an impact both at the enterprise as well as social levels by making financial services embedded in any consumer or enterprise apps.”
About Open Financial Technologies: Open Financial Technologies is Asia’s first neobank for SMEs and startups. It offers business accounts, payment gateways, accounting, invoicing, automated prepaid cards, as well as connections to multiple banks for businesses to manage their banking operations from one place. Open Financial Technologies has an SME subscriber base of 240,000, showing a growth of 24x since its inception in 2017.
About MEDICI Global Inc.: MEDICI Global Inc. (www.gomedici.com) is the world’s leading FinTech research and innovation advisory platform. MEDICI is a partner to banks, financial institutions, and tech firms globally, with over 15,000 listed FinTech startups on its platform – enabling FinTechs to scale and create economic impact.