We are here to empower consumers to own and make sense of their financial data, enabling innovators to build amazing products to serve them better.
Every day, a new fintech business is launched in Southeast Asia, trying to offer services such as affordable credit, simplified payment experiences, and low fees remittances.
Consumers have plenty of choices. However, which platform is the best deal according to their means and possibilities?
How can they get a loan if they don’t even have a bank account? How can they refinance a loan before falling into default? How can they get credit within minutes to overcome an emergency?
The answer lies in their data and how they can leverage it to improve their financial wellbeing.
Banks and financial institutions historically have built walled gardens preventing consumers from accessing or sharing their own data with other businesses that can offer more suitable services.
However, times are changing and in order to stay relevant, banks are widening their offerings in a shift towards to Open Banking, welcoming entrepreneurs to build consumer-centric products that open alternative revenue streams.
However, these innovators need more data to offer the best possible products to their clients, while cutting down on costs by using technology (the very best definition of fintech).
Crucially, they lack a reliable infrastructure to do so across Southeast Asia.
Let’s not forget they also need to scale up their operations, launching in multiple countries within a short span of time.
At Finantier, we have been on both sides of the equation as solution integrators and builders in previous businesses. We have worked with banks to help them integrate and embrace new services and, of course, as consumers, using the latest innovations in different markets.
We believe the time is now. Open Banking infrastructure is being built in the region and progressing enormously with regulators and markets paving the way.
At the end of the day, Open Banking is not the end of the journey, it is just the beginning, the origin of yet another revolution, but one that gives back control to the people so they can live their fullest and unleash their potential: Today, here, now.
If you are an innovator building the next big Fintech or if you want to know more about Open Finance, connect with us.