BaaS Providers (or Banking as a Service Providers) are companies that build platforms integrated with banking products and services, enabling their customers – fintechs and non-financial companies – that want to offer financial services to their user base.
BaaS Providers have to work with “license holders” – banks – that provide the underlying banking products and services. This partnership ensures compliance to the BaaS provider, while it helps the banks scale their revenue growth without the burden of direct customer acquisition. While the products and services are provided by the bank itself, the BaaS Provider acts as a middleman between those financial services and the fintechs. The BaaS Provider implements an end-to-end solution that enables it to integrate the bank’s products into the customer’s platform by utilizing proprietary APIs.
The license holder (bank) can also be a BaaS provider as in EMBank case.
Please contact EMBank for further information on the relevant services.