Fintech PR
New Global Banking-as-a-Service Report by Brankas Gives Consumers A Glimpse Into The Future of Financial Services
The whitepaper explores how Banking-as-a-Service (BaaS) is revolutionizing traditional banking models, enabling customers and businesses to experience financial services in a decentralized way, known today as embedded finance.
DUBAI, Sept. 18, 2024 /PRNewswire/ — Brankas today launched a whitepaper titled Banking-as-a-Service: Rearchitecting Financial Services Landscape. The whitepaper details the many ways Banking-as-a-Service (BaaS) is changing traditional banking models around the world, enabling customers and businesses to experience financial services in a decentralized way, known today as embedded finance.
Key BaaS trends highlighted include:
- Rapid Expansion of BaaS-Powered Products: Beyond payments, BaaS is enabling innovative products like high-yield deposit accounts, BNPL, merchant cash advance, expense cards, merchant financing for eCommerce and restaurant merchants, and digital wallets.
- BaaS as the Foundation for Embedded Finance: BaaS is empowering fintechs and embedded finance companies across various sectors, from lending and insurtech to telco and travel.
- Diversification of Revenue Streams: BaaS provides banks with new revenue streams through API fees, service charges, and co-branded product offerings with FinTech partners and non-traditional players.
- Better banking for SMBs: BaaS significantly benefits small and medium-sized businesses (SMBs) by integrating financial services directly into the business and operational platforms they use to run their enterprises. Banks can then more effectively serve SMBs.
Exploring the varying BaaS maturity of regions including North America, Europe, Africa, and the Middle East, Brankas points out the tech enablers and regulated banks in each region. In the Middle East, for instance, regulators like the Saudi Arabian Monetary Authority (SAMA), the Central Bank of the UAE (CBUAE), and Banking Regulation and Supervision Agency (BRSA) in Turkey are taking proactive steps to foster a robust BaaS ecosystem. Initiatives include granting permits to BNPL providers and mandating licenses for BNPL services, reflecting a commitment to supporting responsible innovation and consumer protection.
A notable example of BaaS in action is the partnership between Amazon and ICICI Bank in India. The co-branded credit cards offered through this partnership features no cashback cap on transactions, a fully digital video verification (KYC) process, and delivery of the physical card within 5-7 days. Altogether, these contributed to the card’s immense popularity, attracting over 1 million customers within 20 months of launch.
From retailers like Samsung offering credit cards and ride-sharing apps facilitating microloans for drivers to Shopify providing money management services for its merchants, embedded finance represents the visible portion of financial services as experienced by customers through non-banking platforms. It allows users to discover, evaluate, and consume financial services seamlessly integrated into their everyday digital experiences.
To download a copy of the whitepaper, please visit the download page here.
About Brankas
Brankas is a leading global open finance technology provider. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their open finance compliance solution, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas’ secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.
Media contact:
Yiyang Teo
[email protected]
+65-96619686
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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