Based on the press release information, the companies are set to launch the region’s first BaaS solutions aiming to expedite the speed of digital banking transformation in the country.
BaaS is a model in which banks integrate their digital banking services directly into the products of other non-bank businesses leveraging APIs and is believed to play a transformative role in enhancing financial inclusion and bolstering entrepreneurship potential across the world by facilitating access to banking tools and resources of the like of credit, savings accounts, and payment processing.
BaaS platforms such as the one being launched are set to offer tailored financial products that address the unique needs of Egypt’s financial institutions, banks, and fintechs, helping foster both innovation and growth. Per the announcement, the initiative marks a step forward in modernising and enhancing the region’s financial services landscape, with the joint BaaS venture set to help Egypt-based financial institutions transform by providing them with a full range of digital banking, neo-banking, lending, and payment solutions.
These services are going to be integrated into an efficient, cost-effective deployment model, enabling significant economies of scale, and reducing the total ownership cost and capital investment in launching new digital customer experiences and products. What is more, Codebase Technologies’ Cloud BaaS suite, Digibanc, offers an agile core banking system, digital onboarding, instant card issuance and processing, digital mobile wallets, and digital lending, amongst others.
When commenting on the news, eFinance Investment Group officials expressed excitement towards being an enabler for banks and fintech startups through their advanced, secure infrastructure, digital investments, and partnerships with industry leaders to enable a simplified transition, in line with Egypt’s vision for a cashless society and its efforts to promote financial inclusion and boost the fintech industry. The collective collaboration with Codebase Technologies and Visa is set to provide a BaaS solution designed to offer banks and fintechs a simplified route to digital initiatives while ensuring their capacity for sustained product and service innovation.
More to this point, Codebase Technologies officials stated that they are looking forward to combining eFinance’s industry and market expertise with their extensive global project experience and the digital banking capabilities of Digibanc, to introduce a service set to influence Egypt’s digitalisation journey.
What is more, company representatives believe their BaaS offering to empower businesses and banks with unprecedented digital capabilities, fostering an increasingly inclusive, innovative, and robust financial ecosystem that is poised to help redefine how Egypt approaches banking and finance alike.
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