Management consultancy firm Oliver Wyman Digital has announced the launch of their first digital platform designed around Asia Pacific regulatory requirements offering Banking-as-a-Service (BaaS) and Insurance-as-a-Service (IaaS) solutions designed around regulatory requirements in the Asia Pacific, Edge aimed at helping incumbent banks and digital challengers reduce the upfront cost and decrease risk.
The platform allows for the increase in the distribution of products to multiple partner websites or apps through future-ready front-end, pre-integrated middle and back-end services. Additionally, Edge's continuously evolving digital products, services, and upgrades are tailored to help clients stay ahead of market developments.
"BaaS and IaaS are great opportunities for incumbents to team up with non-financial businesses and thus capture new revenue growth at a low cost. But they can pose a threat, too, as they open up the financial services market to new challenges," said Dan Jones, Partner, Oliver Wyman Digital.
Through Edge, clients will only need 6-9 months to build a digital bank or insurance solution with Edge. Twenty-one new digital banking licenses have already been issued across the Asia Pacific, with up to five new licenses being awarded in Malaysia in the first quarter of 2022.
"A key success factor for the new digital bank entrants in Malaysia is the ability to provide a full suite of financial products in a price-efficient manner. Edge offers a ready-made solution that comes with onboarding, payments, lending, and insurance journeys, making it a simple, one-stop solution," said Anirudh Singh, Partner and Head of Malaysia, Oliver Wyman.