The strategic joint venture with IG Tech Cambodia will bring Mbanq’s established digital banking technology and Banking-as-a-Service (BaaS) solutions to the Southeast Asian market.
PHNOM PENH, Cambodia, June 12, 2024–(BUSINESS WIRE)–Mbanq, a global leader in Banking-as-a-Service (BaaS) and digital banking innovation, has formed a strategic partnership with IG Tech Cambodia, a prominent fintech and banking technology developer in Southeast Asia. The two companies have jointly established IG Finlink Cambodia, with Mbanq holding the majority stake.
This strategic partnership marks Mbanq's entry into the ASEAN (Association of Southeast Asian Nations) banking technology and BaaS market. Starting in Cambodia, Mbanq will expand to Singapore, Malaysia, Thailand, Indonesia and Vietnam to provide comprehensive Banking-as-a-Service solutions across Southeast Asia. Additionally, Mbanq will provide digital banking technology to financial institutions in the region, providing customized and localized digital banking solutions for local, regional and international banks, as well as embedded financial solutions for brands.
Vlad Lounegov, CEO of Mbanq, said: “Mbanq will introduce BaaS and modern banking technology to the fast-growing ASEAN markets, where fintech and digital transformation are rapidly advancing. As ASEAN countries drive digitalization towards achieving an inclusive digital economy, Southeast Asia offers a huge opportunity for the Financial Services Institutions (FSI) sector to benefit from Mbanq's technology and BaaS solutions. The emerging markets in the region offer untapped potential for Mbanq to penetrate microfinance institutions, specialized banks and commercial banks.”
“Since our inception, Mbanq has worked closely with IG Tech Cambodia, a trusted and valued technology development partner. We are pleased to deepen this partnership and bring our world-leading Banking-as-a-Service technology and services to Southeast Asia.”
Pukiri Kim, Chairman of IG Tech Cambodia and Co-Founder of IG Finlink Cambodia, said: “We are excited to formalize our new partnership with Mbanq and embark on our Banking-as-a-Service journey in Southeast Asia. With smartphone penetration exceeding 80% in Cambodia, the country and the region has huge potential for technology-led disruption with new digital banking platforms catering to niche markets. We have been partnering with Mbanq for eight years already and have been impressed with the company's global growth and success. We are confident that we can replicate Mbanq's success in Southeast Asia, where there is strong demand for innovative digital financial services.”
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The new partnership will focus on four new areas:
Banking-as-a-Service and Digital Banking Platform Solutions: We provide comprehensive SaaS-based BaaS and banking technology solutions via cloud or on-premise for Cambodia and the broader ASEAN market.
Embedded Banking for Brands: Embedded finance creates new revenue streams, increases customer engagement, and improves the overall value proposition of brands in Southeast Asia.
Global FinTech Training Centre: Establish IG Finlink as a global FinTech training hub for Mbanq solutions and services worldwide.
Expanding technological development: Strengthening Mbanq’s technological development capabilities in Southeast Asia and globally.
“Cambodia and the rest of the ASEAN region have significant advantages for the adoption of digital banking, including high smartphone penetration, a young, tech-savvy population and a rapidly growing digital economy. These factors create an environment conducive to the growth of innovative financial services and products, positioning the region as a hotbed of digital banking transformation,” added Pukiri Kim.
Mbanq is a leading global Banking-as-a-Service (BaaS) provider and banking technology innovator pioneering BaaS by empowering clients to create and operate traditional banks, neobanks, credit unions and FinTech platforms through its digital banking platform, white label mobile app and comprehensive support services, while providing built-in banking benefits to a diverse range of customers, from retail brands to sports teams.
Mbanq stands out for its strong regulatory capabilities, latest technology and industry-specific solutions. Founded in 2016 and headquartered in the US, Mbanq is powered by its own cutting-edge technology stack to provide extensive support for digital banking including compliance, lending, back office and dispute resolution.
Mbanq is one of the world's fastest growing fintechs. With its global reach and focus on innovation, it is driving the evolution of banking and enabling financial institutions to flourish in an increasingly digital world. www.mbanq.com
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