Mbanq has announced a strategic partnership with IG Tech Cambodia, a Fintech developer in Southeast Asia, to create IG Finlink Cambodia, with Mbanq holding a majority ownership stake.
The alliance signifies Mbanq’s ambitious expansion into the ASEAN banking technology and Banking-as-a-Service (BaaS) markets.
Initially focusing on Cambodia, Mbanq plans to extend its comprehensive BaaS solutions across Southeast Asia, targeting key markets such as Singapore, Malaysia, Thailand, Indonesia, and Vietnam.
As part of this strategic move, Mbanq will deliver digital banking technology to financial institutions across the region.
This includes customized and localized digital banking solutions for local, regional, and international banks, as well as embedded finance solutions for various brands.
Vlad Lounegov, CEO of Mbanq, emphasized the significance of this expansion, stating:
Mbanq will introduce its BaaS and the latest banking technology to the burgeoning ASEAN markets, where FinTech and digital transformation are advancing rapidly. 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.”
Lounegov highlighted the untapped potential within the region’s emerging markets, particularly for microfinance institutions, specialized banks, and commercial banks. He expressed confidence in Mbanq’s ability to penetrate these sectors effectively.
The new partnership will focus on four key areas: Banking-as-a-Service and digital banking platform solutions, embedded banking for brands, the establishment of a Global FinTech Training Centre, and the expansion of technology development initiatives.
“Since its inception, Mbanq has collaborated closely with IG Tech Cambodia, a reliable and valued technology development partner. We are excited to deepen this partnership to bring the world’s leading Banking-as-a-Service technology and services to Southeast Asia,” added Lounegov.
This partnership is expected to accelerate the adoption of digital banking technologies across the ASEAN region, fostering innovation and enhancing the financial services landscape.
With IG Finlink Cambodia at the forefront, Mbanq and IG Tech Cambodia are poised to drive significant advancements in the region’s banking and FinTech sectors.
The ASEAN markets, known for their rapid digital transformation and growing demand for innovative financial solutions, present a fertile ground for Mbanq’s expansion.
By leveraging its technological expertise and strategic partnership with IG Tech Cambodia, Mbanq aims to establish a strong foothold in Southeast Asia’s dynamic financial ecosystem.
As Mbanq continues to roll out its BaaS offerings and digital banking technologies, financial institutions in Southeast Asia can expect to benefit from enhanced efficiency, improved customer experiences, and access to cutting-edge financial services.
The establishment of IG Finlink Cambodia marks a pivotal step in Mbanq’s growth strategy, reinforcing its commitment to driving digital transformation and financial inclusion across the ASEAN region.