Next-Gen Open Banking Modular
Fintech as a Service Platform
-Localized and Arabized –
September 11, 2021 08:01AM GMT+3
RIYADH–(BUSINESS WIRE)– Interactive Smart Communications (ISC, www.iscc.sa) a subsidiary of Mawarid Media & Communications Group, MMCG (a Saudi conglomerate), is announcing today the launch of the most advanced Fintech as a Service platform in Saudi Arabia under the brand name FaaS.
Led by its Managing Director, Dr Husam Yaghi, a Fintech veteran who previously launched the 1st blockchain fintech company in Saudi Arabia and several other technology startups in the region. FaaS has the ambition to take over the boiling Fintech market in the Middle East; according to numerous studies including Deloitte’s latest report.
With the power of open banking infrastructure and modular lego-type FaaS, any Fintech and Legacy Bank in the Middle East will have access with a single API to a one stop shop that spans from real time digital onboarding, real time ledgering, real-time card issuance/processing -plastic / virtual / prepaid / debit / credit card, FX, lending solutions, rewards marketplace and much more. FaaS is already partnering with several banks in the region who will offer their Bins and access to payment rails which will allow a fast track launch for Fintechs in the MENA; a Saudi bank as well as a UAE bank will be announced soon. To power its fintech as a service platform, FaaS has selected Agora Services which is one of the most advanced next gen core banking platforms.
“Our partnership with Agora Services provides many valuable opportunities to banks, non-bank businesses , insurers, and other brands; to offer financial services and a wide selection of payment options to their customers.”
FaaS allows any fintech and legacy bank to launch the digital products they want or to have access to its fully prebuilt digital bank solutions -that can be white labelled- to address students, teenz, SME’s, pilgrims, expat workers, and other target segments.
“We’re excited by this launch and partnership with Agora as this allows us to control the entire chain and provide best in class platform and services to our future clients,” announced Dr. Yaghi. FaaS allows client companies to benefit from the complete ecosystem provided by various companies of the Group.
This partnership creates a unique symbiotic relationship that benefits all stakeholders; providers, partners, and also end-customers.