Mbanq joins BaaS Association to enhance BankTech & compliance standards

By Delisha Fernandes

Mbanq, a provider of banking technology and compliance solutions, has become a member of the Banking-as-a-Service (BaaS) Association.

Mbanq recognises the transformative power of BaaS when it is deployed using modern technology underpinned by stringent adherence to regulatory and compliance standards. By aligning with the BaaS Association, Mbanq will help drive best practices within an industry that is rapidly changing in response to regulatory and technology shifts.

Vlad Lounegov, CEO of Mbanq, said, “Becoming a BaaS Association member underscores Mbanq’s dedication to enable positive change within the Banking-as-a-Service industry and promote financial inclusion through inventive solutions.”

As a member of the BaaS Association, Mbanq looks forward to:

• Sharing information among BaaS stakeholders.
• Establishing and promoting best practices and standards for BaaS operations.
• Engaging with and updating the community on regulatory and compliance developments.
• Advocating for responsible BaaS services and products with policymakers.

Dave Mayo, Co-Founder, The BaaS Association, said, “The BaaS industry is a tremendous vehicle for innovation and reaching underserved and underbanked communities and it’s also an avenue for banks, particularly community banks, to no longer be limited by geography. When BaaS is done correctly, the bank benefits, the FinTech benefits, and the end consumer benefits with increased competition and access to new products and services.”

The BaaS Association serves as a unified voice for financial institutions engaged in BaaS. It represents over 80% of current BaaS sponsor banks across the United States. Through education, collaboration, and advocacy, the association empowers BaaS partner banks to deliver responsible and compliant services and develop strong partnerships with FinTech innovators.