The banking industry has been enveloped by the rapid demands of its users: adapting to the latest technology, going digital, and being able to serve customers practically anytime and anywhere.
This past year, another development has been seen rising in the industry. Embedded finance and embedded insurance have started to pick up as effective tools to deliver banking needs more instantly to a wider number of users -and this time not just in banking apps.
To delve deeper into what embedded finance is, Singapore Business Review spoke with Peter Miller, CEO of Fermion, to know how different it is from banking-as-a-service (BaaS) models.
"Embedded finance revolves around integrating access to financial services and solutions, whilst banking-as-a-service (BaaS) centres on providing a technological foundation that banks rely on to offer those financial services and solutions, Miller said.
Expounding on the concept, Miller explained that embedded insurance stands as a subset or part of embedded finance or BaaS model.
The idea is to add embedded finance as an interconnected set of complimentary services. A good example of embedded insurance is when purchasing an airplane ticket, travel insurance or further extensions such as telemedicine or emergency money are made available to the customer.
Denne historien er fra Issue 102-utgaven av Singapore Business Review.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra Issue 102-utgaven av Singapore Business Review.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
How TikTok powers cross-border shopping for Singapore retailers
The yellow basket feature allows viewers to purchase items directly during livestreams.
Income Insurance seeks to fill billion-dollar financing gap in climate transition
The region skimmed its carbon intensity by 2.8%, far below the 17.2% needed.
SIDS fights misconceptions in interior design with accreditation, education
The organisation is setting up a digital platform to speed up accreditation from 6 to 2 months.
IHH's proton therapy takes aim at tumours with precision and low risk
Leaving surrounding organs at risk during cancer treatment might become a thing of the past.
SingPost pivots from mail to logistics as e-commerce demand drives growth
It is banking on e-commerce to drive its logistics unit, which accounts for 69% of revenue.
Singapore needs SEA neighbours to power renewable energy transition
Experts favour Malaysia and Indonesia as renewable energy import sources.
Singapore's architecture blueprint spurs push to tackle brain drain in other sectors
Paying the country's architects just right will hopefully stop the brain drain.
Millionaires eye a piece of Singapore's rich colonial era
The country's remaining 6,500 shophouses are in high demand amongst the ultra-rich.
HDB resale portal unlikely to cut out property agents
The portal enables sellers to list their units themselves.
Factory and retail spaces shine as housing heads for worst market slump in 16 years
Its manufacturing and tourism rebound will spur demand for industrial and high-street shops.
