Mbanq, a prominent provider of Banking-as-a-Service (BaaS) and digital banking solutions, has partnered with IG Tech Cambodia to extend its presence into the rapidly progressing Southeast Asian markets. Through the establishment of IG Finlink Cambodia, with Mbanq as the majority shareholder, the strategic alliance will facilitate the introduction of Mbanq’s cutting-edge banking technology and BaaS solutions in the ASEAN region.
With the objective of delivering comprehensive BaaS solutions throughout Southeast Asia, commencing in Cambodia and subsequently expanding into Singapore, Malaysia, Thailand, Indonesia, and Vietnam, Mbanq aims to meet the growing demand for digital banking platforms in the region. Furthermore, the company intends to offer tailored and localised digital banking solutions for both domestic and international banks, as well as embedded finance solutions for brands.
Vlad Lounegov, CEO of Mbanq, expressed his enthusiasm about the forthcoming expansion, stating, “Mbanq is set to introduce its BaaS and the latest banking technology to the burgeoning ASEAN markets, where FinTech and digital transformation are rapidly advancing. Southeast Asia presents vast opportunities for the Financial Service Institution (FSI) sector to benefit from Mbanq’s technology and BaaS solutions, as ASEAN countries are leading the drive to digitization to achieve a comprehensive digital economy.”
The collaboration between Mbanq and IG Tech Cambodia will concentrate on key areas, including the provision of comprehensive BaaS and banking technology solutions, the development of embedded banking for brands to generate new revenue streams, and the establishment of IG Finlink as a global FinTech training hub for Mbanq solutions and services worldwide. With the expansion of technology development capabilities in Southeast Asia and globally, the partnership aims to drive innovative digital financial services in the region.
Puthkiry Kim, Chairman of IG Tech Cambodia, expressed optimism about the collaboration, highlighting the potential for technological disruption in Southeast Asia: “With over 80 per cent smartphone adoption in Cambodia, the country and the wider region present immense potential for new digital banking platforms catering to niche markets. Having already partnered with Mbanq for eight years, we are impressed by its global growth and success. We are confident in replicating Mbanq’s success in Southeast Asia, where there is a strong demand for innovative digital financial services.”
Mbanq’s expertise in enabling the creation and operation of traditional banks, neobanks, credit unions, and FinTech platforms through its digital banking platform, as well as its commitment to providing embedded banking benefits to a diverse clientele, positions the company as a frontrunner in the BaaS space.
Established in 2016 and headquartered in the United States, Mbanq boasts exceptional regulatory prowess, modern technology, and industry-specific solutions, making it one of the fastest-growing FinTechs in the world. With a global presence and a focus on innovation, Mbanq continues to drive the evolution of banking, enabling financial institutions to leap ahead in an increasingly digital world.
In conclusion, Mbanq’s strategic partnership with IG Tech Cambodia marks a significant milestone in its expansion into the ASEAN banking technology and BaaS markets. The collaboration is poised to bring about a transformative shift in digital banking and financial services in Southeast Asia, catering to the region’s rapidly growing digital economy.