Brankas Goes Into POC To Develop An Open Source Core Banking System For Southeast Asia, Starting With Singapore, Business News
SINGAPORE, December 8, 2021 / PRNewswire / – Brankas, South East Asia‘technology leader Open Finance, today announced that it has received the Monetary Authority of Singapore‘Financial Industry Technology and Innovation (FSTI) Proof of Concept Grant (POC) 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 created by AFIN (ASEAN Financial Innovation Network) in 2018 as‘first cross-border open architecture API marketplace for collaboration between fintech and financial institutions. With APIX, participants can integrate and test solutions in a sandbox environment through a cloud-based architecture.
Disrupt the banking status quo
The APIX Open Core 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 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 aim is to remove the current barriers to entry into the banking sector. For example, established players’ commercial CBSs tend to be very expensive, limiting banks to a closed environment that allows for minimal integration and customization, âsaid Mike Dickinson, product manager of Brankas.
“On the other hand, the open source CBS available in the market are often rudimentary, inflexible, and lack technical support. Brankas‘ APIX Open Core addresses the concerns of traditional banks, digital banks and other FIs by providing an affordable and reliable solution for those institutions looking to compete in the digital age, âhe added.
APIX open core‘s currently contain eight modules for retail banking including customer onboarding, account management, general ledger, savings / portfolios and term deposits, regulatory reporting, personal loan reservation and SMEs, external payments and settlements, as well as risk, fraud and AML management. It is also designed to allow seamless integration with external fintech partners, the bank‘s mobile or web applications and external card or payment networks.
Stimulate the growth of targeted technology in the financial sector
The development of APIX Open Core will give financial institutions and financial technology companies access to a new CBS that is easy to customize, without license fees and designed for integration with other information systems and Open API ready . In Singapore, where technology will be developed and deployed first, local fintech companies will benefit from faster and smoother entry into new markets as the adoption of the APIX Open Core expands across ASEAN , while the local software engineering community can directly contribute to a “open source “home-grown” project that helps reduce a persistent gap in the region‘s 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. More … than 70 percent of the region’s population remains unbanked or underbanked, with credit card penetration as low as 3% for emerging countries like Indonesia and The Philippines. Open source solutions such as APIX Open Core enable financial institutions to deliver a 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 the APIX Open Core tests by contacting Brankas here.
Find out how Brankas is driving the adoption of open finance in the region and participate in our initiatives here.
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, opening new accounts, sending remittances, and more. With Brankas‘ With secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.