Brankas Blog

Open banking constitutes a transformative shift where customers can seamlessly explore novel financial offerings from authorized third-party providers. This innovation is facilitated by financial institutions crafting Application Programming Interfaces (APIs) that align with the central bank standards of a country.

QR codes (Quick Response codes) are no longer strange to Filipinos. Social distancing and contactless payments during the pandemic paved the way for consumers to pay for goods and services using their mobile devices. Consumers scan the code with their cell phones, and payments are sent in real-time. If you have been shopping recently, you may have noticed some QR codes that have a blue, red, and yellow logo in the middle of the usual black dots and white spaces. This is QRPh.

Indonesia is embarking on an ambitious project to build a new capital city in Kalimantan, Ibu Kota Nusantara (IKN). Jakarta, the current capital, will no longer hold that title by 2024. This bold decision promises a fresh start for the nation, with hopes of a brighter and more sustainable future.

Delves into the “disbursement” concept, its role in releasing funds for specific business purposes and streamlining operations. It also highlights the Brankas Disburse API to enhance task efficiencies like payroll and merchant payments.

The synergy between Musoni’s core banking system and Brankas' integration network marks a transformative leap in financial innovation.

Hosted jointly by Brankas and Asbanda, this event brought together regional development banks from across Indonesia to explore the theme of “Maximizing Growth Through Ecosystems.”

Brankas and Appsynth have announced an exclusive strategic partnership in Thailand to drive technology innovation in the financial services industry.

E-commerce transactions have shown remarkable growth in recent years worldwide. Apart from brick-and-mortar stores, shopping has advanced into an industry that uses multi-channel strategies, such as online stores, mobile apps, and e-commerce platforms. Asia is leading the way in B2C (business-to-consumer) sales. Statista reports almost 60% of worldwide e-commerce transactions came from Asia. By 2024,it will comprise 61% of global revenue.

The event was an overwhelming success, gathering over 200 delegates and speakers, seeing spirited discussions about embedded finance, financial innovation, and new banking and payment products, and having contributions from leaders across the public and private sectors.

Leading digital challenger bank Rizal Commercial Banking Corp. is teaming up with Brankas Digital Technologies Inc. to further amplify its digital payment streams through a memorandum of agreement on June 20, 2023 at the RCBC Collaboration Hub (CollHub) at A.T. Yuchengco Tower in Bonifacio Global City, Taguig.

The emergence of financial services technology, more commonly known as “fintech,” has made it more convenient to pay for services and products. With just a button tap, a QR code scan, and other similar tools, fintech allows people to complete financial transactions quickly and securely.

Going digital can help banks adapt to modern times. Read here to learn how open-source API can help meet consumer demands and stay competitive.

Keeping up with rapidly evolving fintech, like open-core services, is crucial to business growth. Read on to learn more.

Discover how the Asia-Pacific (APAC) fintech industry defied the odds and remained resilient amidst the global economic uncertainties. Learn about the exciting developments in the APAC fintech landscape.

API banking can break banking barriers through digitization. Whether speeding up and automating repetitive tasks or adding more functions, there’s untapped potential with what API banking can deliver to banks and other financial institutions in the years to come.

What is open finance? We answer this and more in our complete guide to open finance and key benefits in Asia-Pacific. Read the full guide.

Open finance leader Brankas announced a new integration that will allow MPT DriveHub app users in the Philippines to reload using their active Philippine bank accounts.

It can be challenging for banks and financial establishments to attract new customers, especially using the traditional account opening process. Many people simply do not have the time or patience to drive to the nearest bank, wait in line to talk to a representative, and fill out a bunch of forms to open a bank account.

Convenience is crucial in today’s fast-paced world. Here, technology has made financial transactions more seamless than they were a few decades ago and nowhere is it more evident than in digital banking. Formerly time-consuming, you can now manage bank accounts in the palm of your hand with little to no delay.

Open finance leader Brankas has announced that it has acquired both the Payment Service Provider (PJP) Category 3 License from Bank Indonesia (BI) and the Operator of Payment Systems (OPS) Registration from the Bangko Sentral ng Pilipinas (BSP). The certifications confirm that Brankas meets all local regulatory and security standards for its Open Finance payment solutions.

In some parts of the world, financial institutions and their customers are transitioning from open banking to open finance. Businesses use this innovation to improve their company’s offerings, while consumers leverage the technology to make sound financial decisions.

Many organizations and individuals face inadequate financial services. This inadequacy can have severe implications as it can hinder financial literacy for individuals and business growth for companies. On the other hand, financial inclusion can result in a more productive economy. But what is financial inclusion?

Here are several benefits of banking-as-a-service for enterprise businesses and MSMEs—grow your business by improving customer experience.

Open finance leader Brankas has announced a new feature enabling instant bank account opening as an “embedded finance” experience on third-party applications.

With so many financial developments today, it’s not easy to keep up with such innovations. Then again, staying on top of digital transformation can help secure your spot in your industry. In addition, the right approach can improve your business’s financial stability. Here, open banking and open finance are driving the financial technology industry.

Manama, 13 February 2023 — Brankas, a Singapore-based fintech, today announced that it has been appointed by Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, to provide new and improved open finance infrastructure in the region.

The synergy will be able to ensure the MSME businesses in Indonesia get paid on time and efficiently manage cashflow through automation for financial and business tools.

Nowadays, many people use an app for online financial transactions, like paying bills or sending money to friends and loved ones. But what if you can use the same app not just for simple transactions but also for more complex ones, like investing in the stock market, adjusting your insurance, or even managing your pension?

Like most sectors, the finance industry is seeing increased demand for digitalization to improve the customer experience. A 2021 study found that banking customers now prefer personalized and digitally-driven services. They value text alerts, opportunities to transact more efficiently, and the ability to track multiple accounts using a single dashboard.

From business process management and payment solutions to cloud computing and automated enhancements, the Financial Technology scene in the Philippines is definitely making noise.

Brankas had an awesome 2022! Read about our key accomplishments, compliance certifications, and how Brankas cemented itself as a global open finance leader.

Brankas and Element Inc. partner to enable enhanced security against fraud in open finance technology. Read about the partnership in this article.

According to McKinsey & Company, Asia-Pacific (APAC), customers will likely demand more financial services, given the growing population joining the consuming class. Breakthroughs in digitalized financial services, including open banking and open finance, are making them increasingly popular worldwide, such that emerging countries in Southeast Asia are finding benefits from them.

PERA HUB by PETNET, a top financial service provider in the Philippines, partnered with Brankas in 2021 to launch a Digital Remittance Platform that allows the financial institution to share its API to banks, remittance companies, wallets, and fintech partners, enabling faster, cheaper, safer, and more accessible financial services.

Brankas and Kaya Founders launched the 8-week Open PHinance Challenge for PH startups, fostering financial inclusion. Read about what happened.

Brankas unveils the ‘Brankas Open’ software license for Open Finance Suite and Open Core products in Southeast Asia. Read about these products.

Oct 27, 2022 — Brankas, a leading Open Finance technology provider, has today announced that it has gone live with Visa to unveil a new Open Finance solution to increase financial inclusion across Southeast Asia, citing TrustDecision (Tongdun) and IziData as two of the pilot customers already using the joint solutions.

Brankas and CRIF, global leaders in open finance and credit bureau solutions, are partnering to launch APAC’s first open finance credit score product.

In 2021, the BSP issued the Open Finance Framework providing the guidelines for enabling Open Finance in the Philippines and setting the standard across Southeast Asia. The regulatory framework is aligned with the Bangko Sentral ng Pilipinas’s (BSP’s) Digital Payments Transformation Roadmap 2020-2023, which aims to strengthen customer preference for digital payments and promote more innovative and responsive digital financial services.

Technology is advancing faster than ever before that is why banks needs to step up their game on the technology side. Here are the latest trends and what to expect.

According to the World Bank’s 2021 Global Findex Database, 1.4 billion adults globally do not have access to formal financial services (unbanked). The main reasons are lack of money, the distance to the nearest financial institution, and insufficient documentation. These challenges are precisely what open banking is trying to address.

Read how Klinikgo is digitizing health services in Indonesia by partnering with Brankas, a global leader in open finance technology and API solutions.

Introducing Brankas Open Core: Streamlining operations and enabling custom financial products. Know more about Brankas Open Core by visiting our website.

The payments industry has found a dynamic and fast-paced market in Asia in recent years. According to consultancy firm McKinsey, payments revenue growth in the region is forecast to increase 7 percent between 2021 and 2025, driven by rapid developments in digital infrastructure, the surge in B2B activity, and the increasing appetite for digital wallets and real-time payments. Now is the best time to explore how an IPG can support Asia’s increasingly complex demands for payments.

Southeast Asia has emerged as a hub for startups, thriving with opportunities for innovation. Embracing open finance is a crucial way for banks and financial institutions to stay ahead of the curve and serve currently unmet customer needs, opening up avenues to serve the underbanked.

Traditionally, consumer lending has been a long and tedious process. To apply for a credit card, you would have to provide your proof of income, bank statement history, and other documents to verify that you are able to repay your credit, often requiring trips to your bank branch. The underwriting process may also take weeks or months before the approval of a loan. They merit a high amount of effort on the part of both the borrower and the lender.

Brankas is pleased to announce that we have passed the certification audit and now hold the PCI-DSS (Payment Card Industry Data Security Standard) certificate.

When people read “decentralized” and “open,” the first question they ask is: is it safe? As a pioneer of open finance in Southeast Asia, we at Brankas consider it our responsibility to give a clear picture of the industry’s cybersecurity developments in the region.

The meteoric rise in popularity of e-commerce has been due to its convenience, one of which is having a wide variety of payment options available. The global pandemic has forced individuals to turn to digital means of conducting transactions, but this shift in consumer behavior is here to stay.

Growth of cryptocurrency adoption among emerging economies accelerated at the beginning of the pandemic. Read how Brankas can support cryptocurrency companies.

Brankas had a great 2021 and received the Inclusive Fintech 50 Award! Read about our key accomplishments in 2021 and how open finance reached new heights in SEA.

[5th Jan 2022] - Brankas, Southeast Asia’s leading Open Finance technology company, announced the close of its US$20m Series B investment round led by Insignia Ventures Partners with participation from existing investors Beenext and Integra Partners.

Brankas is excited to announce that we were awarded the Monetary Authority of Singapore (MAS) Financial Sector Technology and Innovation (FSTI) Proof-of-Concept (POC) grant on 11 November 2021. The FTSI POC grant provides funding support for experimentation, development, and dissemination of nascent innovative technologies in the financial sector.

Earlier this month, we joined the Philippine Board of Investments (BOI) in a webinar panel, in which we discussed the current business climate and investment opportunities for tech companies in the Philippines.

For a limited time only, receive USD 10,000 worth of credits or an equivalent of 40,000 statement retrievals when you go live any time before 31st January 2022.

At Brankas, Arvin’s expertise will strengthen the firm’s data protection strategies and controls, ensuring the secure handling of customers’ consented data across the region. While Simo itself will leverage his years of experience as an APAC business expansion specialist to spearhead the next phase of Brankas’ growth in transforming financial services in Southeast Asia. With this announcement, Brankas is set to amplify the open banking and compliant protecting consumers data in 2022.

Brankas is proud to announce that we have been selected as part of Inclusive Fintech 50’s 2021 cohort, an annual competition to identify 50 top technology startups committed to drive financial inclusion and resilience. Brankas was chosen out of hundreds of applicants around the world for driving innovation for underbanked, underserved customers, especially in emerging markets.

Indonesia is known for its beautiful nature - from beautiful beaches, idyllic sceneries, incredible marine life and dive spots to friendly and welcoming people. However, it is unknown to many that the nation has a whopping 63 million entrepreneurs or Micro, Small and Medium Enterprises (MSMEs), which is equivalent to 22.5% of the country’s almost 280 million-strong population.

Open finance enables banks to expand access to underserved customers by lowering the cost of customer acquisition and onboarding. However, it is often costly to service customers in developing economies due to limited data for verification, high operational costs due to manual processes, and prohibitive cost barriers in rural areas with weak infrastructure.

You’ve got your brief and you’ve decided you’re going to do a user interview (or In-Depth Interview as some may call it). Now what? For seasoned UX researchers the next steps might seem clerical, but it’s not without its own strategies to make sure you’ll end up with rich findings. Here are some things that we need to prepare before a user interview.

You may or may not have heard about open finance but unknowingly, you must have experienced it, especially during this pandemic. Financial transactions have to be done during lockdowns and quarantines. Whilst staying home, you may realise that you are still utilising ride-hailing applications such as Grab or Gojek for other services like meal deliveries, groceries, courier services and even financial management like purchasing insurance and investment. Those applications now serve as an embedded finance that is powered by open finance! Let’s dive deeper on how we’ve transitioned to open finance and what it means for end users like you and me.

Identify the commercial opportunities for banks in open finance and explore how banks and other financial service providers can overcome challenges to open finance adoption.

This pandemic has taught us to be resilient and adaptable in how we live our days. As we look forward to an endemic, our resident Product Manager, Marco Palinar shares how his team tackles the challenges faced to launch a product during the pandemic by leveraging on design.

Open banking and open finance are buzzwords in fintech but what is it? We invite you to experience open finance on Brankas Dashboard. We listed 5 easy steps to get you started and testing on Brankas APIs.

Sometimes, completing payments on different apps and platforms can be confusing. With a plethora of available shopping, bills payments, and financial apps, who knows what the real steps are? As online consumers, we’re all just trying to follow the breadcrumbs to be able to complete a transaction. And in some cases, those breadcrumbs are vague.

In the modern world, software application development has changed tremendously, which leads to the complex deployment of applications in production. This eventually leads us to hundreds and thousands of services to keep the large-scale applications running. So how do we understand the journey of an API request?

Brankas, Southeast Asia’s Leading Open Finance technology company, recently surpassed 10 million monthly API calls with over 80 network partners. Led by a vision to make modern financial services available to everyone, Brankas now operates in more than six countries and has partnered with more than 30 financial institutions to bring Open Finance to the region.

Robocash and Unapay enable bank transfers as a repayment option

From being a Marine to a high-caliber Systems Engineer, Chad Kunde has come a long way from his humble beginnings on his family’s farm in Iowa. Growing up with 3 sisters, you can only imagine the chaos!

Accepting online payments from customers through your platforms might be one of the most important things to consider. Fortunately, there are plenty of online payment providers - ranging from card payment, eWallets, to virtual accounts. But how do you know which is right for your business needs? In this article, we are introducing Brankas Direct. A seamless, faster, cheaper, and secured payment solution for your business. Fully powered by Open Banking technology.

Originally from Bangladesh, Anik came to Singapore for his undergrad studies at the National University of Singapore. A Biomedical Engineering graduate, passionate about academic research, and has vast experience in areas like 3D printing, cancer cell study; even co-authored papers in peer-reviewed scientific journals! With a career path set in scientific research, how did this young achiever end up at Brankas, his takeaways from working for a fintech startup, and some life lessons for his peers.

This article aims to explore some misconceptions that are commonly encountered in the field of Design and User Experience, as well as philosophies the Brankas team uses to achieve our ultimate north star.

Asia’s leading full-suite payments platform has partnered with Brankas to enable API-enabled direct bank transfer payments for Southeast Asian businesses of all sizes. Launching first in Indonesia and soon, the Philippines, 2C2P and Brankas plan to introduce their modern Open Banking solution across the region.

ALIA offers personalised financial advice based on banking Application Programming Interface (API) provided by Brankas to help users manage their money better.

The Brankas community is ecstatic to have Hanny lead our Human Resources team! We had a chance to catch her bubbly and confident personality for this feature. In this month’s HuBs spotlight, we give her a warm Brankas virtual hug and get to know her, her quirks, her insights, and her plans for Brankas a little bit more.

Proxtera is a new global trading network for the connected age: empowering wholesale marketplaces to discover new buyers and sellers around the world, transact securely, and access a range of financial and logistics services to support a successful trade. With support from the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA)’s Business Sans Borders (BSB) initiative, Proxtera is creating a new online economy for global trade.

Open Banking has been chief among FinTech buzzwords since at least 2015. And, more recently, with COVID-19 shutting down branches and forcing retail and corporate customers to shift operations online, banks have been hard-pressed to meet customers’ demand for Open Banking APIs. As such, banks and other financial institutions have announced efforts to build new Open Banking APIs and systems for the “touch-less” world created by COVID.

In this Humans of Brankas Spotlight, we feature Kich who joined our Sales team. Read about her experience, background and what she brings to the Brankas team!

For millions of employees globally, working from home is the new normal. Our biannual Performance Review is one of our tried-and-tested techniques for ensuring that our colleagues are aligned with our vision to make modern financial services available to everyone.

In this Humans of Brankas Spotlight, we feature Ria who joined our Development team Read about her experience and what she brings to the Brankas team!

Recently, we had a webinar on “The State of Open Banking in the Philippines” with Fund Managers Association of the Philippines (FMAP). Watch the full webinar today.

Marco Palinar is proof of how sometimes, life sends you on a path, different from what you set out for yourself. The Brankas spotlight turns on for our resident UI/UX guy, all-around-design-master, Pay Product Manager, rockstar, and sneakerhead- Marco. He gets candid about his beginnings, his career evolution, and his Brankas baby - Pay.

In recent years, there has been a push for tighter Open Banking regulations in Indonesia, and the government has unveiled the Indonesia Payment System Vision 2025 that opens up countless opportunities to weave Open Banking practices into the business model of many companies.There is a need to provide services that are accessible, low cost, and reliable, allowing any business to easily integrate technologically-reliant services into their platforms.

HuB Spotlight: Avani Ajmera Shares How Passion Meets Vocation in Her Role as Finance Director

Open Banking might be a hard pill to swallow, but it can bring about many benefits that are not met with today’s financial system, including improving customers' financial health by allowing them to view their financials in one place, to gain insights on their spending habits, to make payments efficiently from one place, etc. To realize this vision, participation from regulators, banks, and startups is a requirement rather than a nice-to-have.

Michelle Christine: Next Generation People Operations Associate - She talks about her beginnings, her love for people and culture, and where she’s taking the future of Brankas recruitment.

We have been operating as a remote-first company from our founding in 2016 and we have learned some remote-work best practices over the years. Outlined below are what worked for us and what we are still working on when it comes to remote-working.

Brankas Statement provides a verified, accurate, secure, and instant statement retrieval. Lenders can instantly access customers' financial transaction data, identity data, and real-time account balances. Brankas Statement integrates seamlessly with a lender’s mobile application or website, eliminating the need for paperwork, branch visits, or manual data entry.

On June 8th, we held our virtual GoManila meetup for developers interested to learn more about Golang.

Randy Cahyana: Coding Sparks Joy - Randy shares his adventures starting out, the joy of coding, lessons learned, and what’s next at Brankas.

Open banking initiatives are sprouting globally, as more banks recognize the commercial and product innovation opportunity. Banks are thinking differently.

Working from home over the last two months created a new reality where most transactions have to be done remotely via an app or website. Enter Brankas Direct - Direct was built to simplify bank-to-bank payments.

Mike joined Brankas this year and is leading the team full steam ahead. He grew up in Indonesia and Australia and believes his diverse background contributes greatly to how he breaks down and solves problems. Mike has always been passionate about finding solutions that help people. That’s his philosophy and CPO mission.

Banks in Southeast Asia rely on retail branches to serve existing customers and bring in new ones. Since the COVID-19 pandemic began, banks have scaled down their branch networks to protect their employees, comply with local restrictions, and simplify logistics like cash collection. At the same time, retail and corporate customers are counting on digital banking services more than ever. How are banks addressing the sudden change in demand?