The platform-based business model has taken hold in the digital economy, and the concept is quickly spreading to banking and financial services. This has resulted in companies springing up to offer extensive ecosystems and business-to-business (B2B) solutions. Here are five of the most popular in Southeast Asia:
- Ancileo – this Singapore-based InsurTech company combines flexible technology and a global network of insurance partners. Ancileo’s insurance software-as-a-service platform provides plug and play, secure and customizable solutions that enable efficient insurance distribution via API integration, B2C white label and even call center sales.
- WeChat – WeChat’s mini program system allows business owners to develop apps that run inside the WeChat ecosystem and take advantage of its massive user base.
- Mynt – a FinTech partnership between the Philippines’ Globe Telecom, the Ayala Corporation, and Ant Financial, Mynt provides FinTech solutions to consumers, merchants and organizations in the Philippines, focusing on five key services: payments, remittances, loans, business solutions and platforms.
- Bento – this Singapore-based digital wealth management solution provider offers a hybrid B2B platform that is built for banks, wealth managers, brokers and insurance companies and allows them to launch digital wealth solutions with a low capex and a quick time to market. It is modular and can be implemented as an end-to-end solution or just to cater to a specific need.
- Ethereum – Ethereum is one of the most prominent open-source, public, blockchain-based distributed computing platforms in the world. Over the past years, numerous decentralized financial applications have been built on Ethereum, leading to the emergence of the so-called decentralized finance (DeFi) wave. The idea behind DeFi is a financial system without a central governing authority that’s fully-open to any and every one the world.