Empowering Nonbank Companies Through Banking-As-A-Service
Banking-as-a-Service (BaaS) has emerged as a game changer, bridging the gap between traditional financial institutions and nonbank firms. This paradigm change is not only altering how financial services are offered, but it is also playing a critical role in fostering global financial inclusion. Recent data emphasises the relevance of this tendency. According to the World Bank, over 1.7 billion adults worldwide are unbanked, meaning they do not have access to basic financial services. Furthermore, many businesses, particularly startups and fintech enterprises, are having difficulty navigating the complicated regulatory framework and infrastructural needs connected with creating their own banking capabilities. This is where Banking-as-a-Service comes in, providing a collaborative and innovative solution to these difficulties. According to Gartner , BaaS will become commonplace in the next two years. According to the survey, by the end of 2024, 30% of banks ...