And it couldn\u2019t have been better! \ud83d\ude01<\/p>\r\n\r\n\r\n\r\n No worries if you couldn\u2019t watch the action live.\u00a0<\/p>\r\n\r\n\r\n\r\n Here\u2019s a quick roundup of everything to get you on the speed with what\u2019s happening in the world of BaaS. \ud83d\udc47\u00a0<\/p>\r\n\r\n\r\n\r\n We\u2019re living in exciting times when BaaS<\/a> has become a sought after business & revenue model for banks and Fintech<\/a> \ufb01rms alike.\u00a0<\/p>\r\n\r\n\r\n\r\n Before you confuse BaaS with Open<\/a> banking, let me stop you right there.\u00a0<\/p>\r\n\r\n\r\n\r\n While Open Banking<\/a> is a regulation<\/em> that encompasses both open data and open capabilities, BaaS is purely a business model that exposes banking APIs<\/a> and processes to third-party developers.\u00a0<\/p>\r\n\r\n\r\n\r\n The primary reason for BaaS receiving an amazing success in markets like Europe is the advent of open banking regulations and traditional banks coming on board with it.<\/p>\r\n\r\n\r\n\r\n Figo, Fidor Bank, SolarisBank, Railbank, and Bankable are some of the early adopters of BaaS & have shown great success in adopting the Banking-as-a-Service model and are generating huge revenues through it.<\/p>\r\n\r\n\r\n\r\n And are also paving the way forward for new fintech to dive into the success of BaaS.\u00a0<\/p>\r\n\r\n\r\n\r\n To date, banking-as-a-service is broadly classified into three different categories. Let\u2019s have a look at them –\u00a0<\/p>\r\n\r\n\r\n\r\n API STORES:<\/strong> Traditional or challenger banks that offer their APIs directly to consumers & Fintechs to build better banking services.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n WHITE-LABEL PLATFORM (B2B2C):<\/strong> Companies that provide APIs on a white-labeled platform to enable FinTech players to offer specific banking services – such as issuing debit cards.\u00a0<\/p>\r\n\r\n\r\n\r\n BaaS As CO-BRANDING<\/strong>: New age FinTech players or neobanks who provide their cutting edge BaaS platform in a co-branded proposition to traditional banks.\u00a0<\/p>\r\n\r\n\r\n\r\n Neobanks<\/a> are at the forefront of success amongst various Banking-as-a-Service models & are proving to be the key drivers of this disruptive change in Fintech.\u00a0<\/p>\r\n\r\n\r\n\r\n And we at Open<\/a><\/em> are ecstatic to be the neobanking anchors in the Asian market. Having kicked off our strategic alliance with ICICI Bank in Oct 2017 we are now partnered with 15 banks. It\u2019s really exciting to witness the Indian market open up to this golden opportunity of collaboration.\u00a0<\/p>\r\n\r\n\r\n\r\n Today, Banking-as-a-Service is a win-win for all the players in the ecosystem. With banks & fintechs working together, it\u2019s a great revenue model for everyone involved.\u00a0<\/p>\r\n\r\n\r\n\r\n Now, I\u2019ll not hold you back anymore. Go ahead &\u00a0 go check out the report<\/a> yourself!<\/p>\r\n <\/p>\r\n Related Articles –\u00a0<\/p>\r\n What is Neobank? Everything you need to know in detail!<\/a><\/p>\r\n How neobanks are defining the future of banking<\/a><\/p>\r\n How Open brings banking & finance together for your business<\/a><\/p>\r\n The evolving fintech paradigm \u2013 BAAS will lead the way<\/a><\/p>\r\n Decoding neobanking: Why neobanks are winning over businesses<\/a><\/p>\r\n Neo banking \u2014 What does it mean?<\/a><\/p>\r\n How neobanks are disrupting the banking space<\/a><\/p>\r\n How open are you to Open Banking?<\/a><\/p>\r\n <\/p>\r\n\r\n![\"BaaS](\"https:\/\/i0.wp.com\/open.money\/blog\/wp-content\/uploads\/2020\/01\/DSC_0097-1.jpg?fit=750%2C428&ssl=1\")
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It was thrilling to witness the crowd dropping by our stall & joining the conversation on one of the most trending topics in Fintech.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\nThe Big Picture<\/strong><\/h4>\r\n\r\n\r\n\r\n
BaaS Models Explained<\/strong><\/h4>\r\n\r\n\r\n\r\n
![\"Leading](\"https:\/\/i1.wp.com\/open.money\/blog\/wp-content\/uploads\/2020\/01\/OpenbankSFFReport_v11-3-1-1.jpg?fit=730%2C1024&ssl=1\")
<\/figure>\r\n\r\n\r\n\r\nNeobanking – The most sought after model in BaaS<\/strong><\/h4>\r\n\r\n\r\n\r\n
The future holds a lot more\u00a0<\/strong><\/h4>\r\n\r\n\r\n\r\n