MBANQ’s foray into Southeast Asia represents a significant leap in the region’s financial technology landscape. With a majority stake in IG Finlink Cambodia, MBANQ is set to offer its comprehensive BaaS solutions, starting from Cambodia and eventually reaching out to other ASEAN countries including Singapore, Malaysia, Thailand, Indonesia, and Vietnam.
The partnership is poised to deliver customized digital banking solutions that cater to the diverse needs of local, regional, and international banks. This move is particularly strategic as it taps into the region’s high smartphone adoption rates and the public’s increasing demand for digital financial services.
Revolutionizing Financial Services
The collaboration between MBANQ and IG Tech Cambodia is more than just a business venture; it’s a transformative journey that aims to revolutionize the way financial services are delivered in Southeast Asia. The joint venture will focus on four key areas, including comprehensive BaaS and banking technology solutions, which will be made available via cloud or on-premises on a SaaS basis1.
This initiative is expected to disrupt the traditional banking sector by introducing innovative digital platforms that cater to niche markets. With over 80% smartphone adoption in Cambodia alone, the potential for technological disruption is immense, and the partnership is well-positioned to leverage this opportunity.
Fostering Inclusive Growth
The strategic partnership is not just about business growth; it’s about fostering inclusive financial growth in the ASEAN region. By introducing advanced BaaS solutions, MBANQ and IG Tech Cambodia aim to democratize access to financial services, making them available to a wider audience, including microfinance institutions, specialized banks, and commercial banks.
The vision is to create a more inclusive banking environment where technology acts as a catalyst for providing financial services that can improve people’s lives. This initiative is expected to pave the way for a future where financial empowerment is accessible to everyone in the region.
