In the world of fintech, efficiency and speed is the name of the game. However, capital is still mostly controlled by traditional banks, who are bound by regulations and institutional inertia.
The gap between fintech and banking is especially pronounced in consumer and SME banking, as well as in emerging markets across Asia.
One way to address this is through APIs for fintech to connect to banks and vice versa. APIs allow to platforms to talk to each other via an automated interface.
This week, SME speaks to Todd Schweitzer of Brankas, which brings API solutions to the financial ecosystem in Southeast Asia.
WHAT INSPIRED YOU TO START BRANKAS? In the US and Europe, Open Banking initiatives have helped accelerate fintech development, increase competition and lower switching costs in consumer/SME banking, and create more customer-centric financial services. However, Open Banking in these markets has solved “nice-to-have” problems, because infrastructure is already in place. Lenders can rely on credit bureaus and FICO scores; KYC processes are straightforward, and most of the population is banked, carded, and online.
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Denne historien er fra Issue 26, 2021-utgaven av SME Magazine Singapore.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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