Banking as a Service (BaaS) is seen as one of the biggest opportunities in financial services and is experiencing rapid growth in APAC. Indeed, almost 9 out of 10 APAC executives surveyed by Finastra said they had already implemented BaaS solutions or were planning to. But this adoption does not just include banks, as the nature of BaaS means that growth is being driven across an entire ecosystem of players, from banks to bigtechs and fintechs to retailers and SMEs. This rapidly maturing market is expected to be worth US$7 trillion by 2030. Whilst this valuation might seem high, it…
Author: Bosky S, Regional Head of BaaS, APAC, Finastra
Author
Bosky S, Regional Head of BaaS, APAC, Finastra
Bosky S. is the Regional Head of Banking as a Service (BaaS) in APAC and is instrumental in driving the agenda for BaaS in APAC region. Bosky brings more than 2 decades of consulting, industry and entrepreneurial experience. Prior to joining Finastra, Bosky co-founded and grew startup in the Digital Marketing and CX space that won several accolades and growth milestones including the Best Start up in Asia 2019 from the largest ASEAN bank, Best CX platform Singapore 2020 and Disruptive Innovation awards 2017. Bosky was a Senior Advisor to McKinsey & Company and also worked with other leading firms like BCG, PwC and SAP.
Opportunities are endless with Banking-as-a-Service (BaaS), and nowhere is this more true than in Asia Pacific (APAC). Banks in the region, particularly in hubs like Singapore and Hong Kong, have embraced and become leaders in open banking, automated services, ever-improving APIs, and evolving customer expectations. Now, BaaS has created exciting new propositions for consumers and reconfigured the value chain for banks and financial institutions. A recent global report by Finastra, Banking as a Service: Outlook 2022 | Paving the way for Embedded Finance, revealed the true extent of the potential for digital disruption and transformation across multiple sectors. This growth isn’t…
The future of finance is open, and the rise of Banking-as-a-Service (BaaS) means this future is closer than ever. The BaaS industry is quickly maturing, with 88% of senior APAC executives – in industries from banking and technology to healthcare and retail – recently telling Finastra that they are already implementing BaaS solutions or are planning to. Financial institutions are evolving away from their traditional role as ‘closed shops’ and instead leveraging their banking licenses to integrate digital services directly into the products of consumer brands. These consumer brands, or BaaS distributors, have identified the vast potential of distributing services such as…
The Asia Pacific region is leading the way in a revolution that is changing the way consumers interact with financial services. Banking as a Service (BaaS) has been spreading rapidly over the last couple of years, enabling brands to offer their customers a range of financial services, from buy-now-pay-later financing to personalised and proactive lending offers. In fact, new research from Finastra reveals that 88% of senior executives in a number of sectors (including banking, healthcare, retail and technology) said they are already implementing BaaS solutions or are planning to, compared with 80% in EMEA and 87% in the Americas.…