With 29 years of development, MB is one of the leading banks providing diverse services and products with security and a modern IT infrastructure.
The bank has actively ventured into new segments beyond the conventional market of commercial banks. With that advantage, MB has rolled out BaaS for businesses in various fields, including finance, logistics, and securities, through over 600 sets of Application Programming Interfaces (APIs). MB is renowned for having a highly diverse APIs.
BaaS is a platform that allows third-party companies and developers to access a financial institution’s core banking infrastructure and services via APIs. This enables them to build and offer financial products and services to their customers through the partner's platform. Thus, customers can deposit and withdraw money from their wallets, open savings accounts on e-wallets, and make payments by ATM card on e-commerce platforms. They can receive their salary directly through the management system of their companies.
This business model allows banks to provide their services to partners through APIs. It also provides a connection method for remote applications. It can request services from the application system providing the service, and from there, data can be exchanged between systems.
Around the world, some banks have strongly implemented BaaS, such as BBVA in Europe, DBS in Asia, and Goldman Sachs in the US. With APIs, BBVA allows companies to offer financial products without involving the entire banking process themselves. Meanwhile, Goldman Sachs is building a new cloud-based infrastructure for accounts and payment.
In Asia, Singapore's DBS, a pioneer in digital transformation, has implemented DBS Rapid. It is a digital solution that leverages API capabilities. DBS RAPID optimises workflow and empowers ecosystems through collaboration, integration, and transactional capabilities across multiple systems. This is an effective way to outperform old platforms and technologies, save costs, and improve customer experience.
With BaaS, MB provides some basic and important services to customers. First, businesses can receive real-time notification of balance fluctuations on their operating systems. Second is the collection and spending of money on enterprise software. Third is QR payment, as it accepts static or dynamic QR code scanning so that businesses can make payments for all banking apps linked with Napas.
In addition, businesses can transfer money to corporate identity accounts, such as security companies, insurance companies, and B2B enterprises, from different bank accounts. MB is willing to provide other advanced services on its partner platform, such as savings, certificates of deposit, consumer loans, credit cards, and others.
As MB boasts the most diverse APIs and the BaaS service, the bank can integrate with the business' system in the shortest time (from two weeks to one month) at reasonable costs.
In addition to the core business segments, the business can have more new products and services to offer to end users, such as co-branded cards, banking application registration, and savings deposits right on their platforms. The service not only brings new value to the business, but also improves the experience for the end user.
The pandemic has been a boost to the adoption of online product and service models. More specifically, the BaaS model has taken off around the world and in Vietnam.
MB aims to keep up with the global trend by bringing more benefits and core values to its customers. Accordingly, MB is expected to gradually transform its BaaS services, affirming its commitment to accompany customers and businesses in the digital transformation process.
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