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Mbanq joins IG Tech Cambodia to expand BankTech & BaaS solution in SEA

By Gloria Mathias

June 20, 2024

  • ASEAN Markets
  • BaaS
  • BaaS solutions

Mbanq, Fintech News, Fintech solutions, IG Tech Cambodia, BaaS, Banking as a Service, Digital Banking, SEA, ASEAN Markets, Mbanq, a global Banking-as-a-Service (BaaS) and digital banking innovation company, has formed a partnership with IG Tech Cambodia, a FinTech and banking technology developer in Southeast Asia. Together, they have created IG Finlink Cambodia, with Mbanq holding majority ownership.

The partnership marks Mbanq’s expansion into the ASEAN (Association of Southeast Asian Nations) banking technology and BaaS markets. Mbanq will offer its comprehensive BaaS solutions across Southeast Asia, starting in Cambodia and expanding into Singapore, Malaysia, Thailand, Indonesia, and Vietnam.

Additionally, Mbanq will provide digital banking technology to financial institutions in the region, offering customized and localized digital banking solutions for local, regional, and international banks and embedded finance solutions for brands.

Vlad Lounegov, CEO of Mbanq, said, “Mbanq will introduce its BaaS and the latest banking technology to the burgeoning ASEAN markets, where FinTech and digital transformation are advancing rapidly. Since its inception, Mbanq has collaborated closely with IG Tech Cambodia, which has been a reliable and valued technology development partner. We are excited to deepen this partnership to bring the Banking-as-a-Service technology and services to Southeast Asia.”

Puthkiry Kim, Chairman of IG Tech Cambodia and co-founder of IG Finlink Cambodia, shared, “We are thrilled to formalize a new partnership with Mbanq and embark on the Banking-as-a-Service journey in Southeast Asia. With over 80% smartphone adoption in Cambodia, the country and the wider region present immense potential for technologically driven disruption with new digital banking platforms catering to niche markets. Having already partnered with Mbanq for eight years, we are impressed by its global growth and success.”

The new partnership will focus on four new areas:

  • BaaS and Digital Banking Platform Solutions: Comprehensive BaaS and banking technology solutions via cloud or on-premises on a SaaS basis to the Cambodian and broader ASEAN markets.
  • Embedded Banking for Brands: To create new revenue streams, increase customer engagement, and improve the overall value proposition for SE Asian brands with embedded finance.
  • Global FinTech Training Center: Establish IG Finlink as a global FinTech training hub for Mbanq solutions and services worldwide.
  • Expansion of Technology Development: Enhance Mbanq’s technology development capabilities in SE Asia and globally.

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