Brankas embarks on POC to develop an open-source core banking system for Southeast Asia, starting with Singapore

SINGAPORE, December 8, 2021 /PRNewswire/ — Brankas, South East Asias leader in Open Finance technology, announced today that it has received the Monetary Authority of Singapores Proof of concept (POC) grant for technology and innovation in the financial sector November 11, 2021. The MAS FSTI POC grant provides financial support for the experimentation, development and diffusion of emerging innovative technologies in the financial services sector.


APIX Open Core is an open source core banking system based on the APIX platform. APIX was established by AFIN (ASEAN Financial Innovation Network) in 2018 as the worldis the first cross-border open-architecture API marketplace for fintech and financial institution collaboration. With APIX, participants can integrate and test solutions in a sandbox environment through a cloud-based architecture.

Disrupting the banking status quo

The Open Core APIX is developed by Brankas for traditional and digital banks, non-bank financial institutions (NBFIs), fintechs and cooperatives in emerging markets. With financial support from the FSTI POC grant, Brankas aims to advance APIX Open Core to enable the rapid development of financial products. It aims to do this by removing licensing costs, facilitating integration with third-party services, and ensuring compliance with regulatory requirements.

APIX Open Core is designed to disrupt the banking status quo. The objective is to remove the current barriers to entry into the banking sector. For example, commercial CBSs from established players tend to be very expensive, limiting banks to a closed environment that allows for minimal integration and customization,” said mike dickinsonBrankas product manager.

On the other hand, the open source CBS available on the market are often rudimentary, inflexible and lack technical support. BrankasAPIX Open Core addresses the concerns of traditional banks, digital banks and other financial institutions by providing an affordable and reliable solution for those institutions looking to compete in the digital age,” he added.

open core APIXs currently contain eight modules aimed at retail banking, including customer onboarding, account management, general ledger, savings/wallets and time deposits, regulatory reporting, retail loan booking and SMEs, external payments and settlements, as well as risk, fraud and AML Management. It is also designed to enable seamless integration with external fintech partners, banks mobile or web applications, and external card or payment networks.

Driving the growth of a targeted technology in the financial sector

The development of APIX Open Core will give financial institutions and fintech companies access to a new CBS that is easy to customize, without license fees and designed to integrate with other information systems and ready for the Open APIs. In Singaporewhere the technology is first developed and deployed, local fintech companies will benefit from faster and smoother entry into new markets as APIX Open Core adoption expands across ASEAN, while that the local software engineering community can directly contribute to a open-source “in-house” project that helps bridge a persistent gap in the regions financial services infrastructure.

Financial inclusion continues to be a work in progress in South East Asia due to a lack of access to financial products and services. Over 70% of the region’s population remains unbanked or underbanked, with credit card penetration as low as 3% for emerging countries such as Indonesia and The Philippines. Open source solutions such as APIX Open Core enable financial institutions to provide the full range of financial services needed to ensure inclusion.

Financial service providers in South East Asia interested in adopting APIX Open Core, the open source CBS developed by Brankas, can be part of APIX Open Core testing by contacting Brankas here.

Find out how Brankas is driving open finance adoption in the region and get involved with our initiatives here.

About Brankas

Founded in 2016, Brankas is the leading Open Finance technology company in South East Asia. We provide API-based, data and payment solutions for financial service providers (such as banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With BrankasSecure Open Banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.

SOURCE Brankas

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