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.
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.”
Re-disseminated by The Asian Banker