Brankas develops world’s first Banking-as-a-Service open source license
SINGAPORE, Nov. 24, 2022 /PRNewswire/ — Open Finance technology leader Brankas has developed “Brankas Open”, a first-of-its-kind open source license for the next generation of Banking-as-a-Service and Open Finance software.
The “Brankas Open” license is meant to encourage digital banking and fintech innovation and lower the cost barriers for startups, neobanks, and even traditional institutions to quickly prototype and launch new solutions, while retaining their own source code. Customers will benefit from more choice and better user experience, as companies have open access to use, modify, redistribute, and collaborate on the publicly available Brankas Open code.
The inspiration for Brankas Open came when Brankas received a grant from the Monetary Authority of Singapore in November 2021 to develop Brankas APIX Open Core, a proof of concept open source core banking system.
Recognizing the need for a modernized Open Source framework to address new Open Finance technology, Brankas looked to existing open-source licensing frameworks in order to develop Brankas Open. Brankas felt that this framework was necessary to protect community contributions, ensure open access, and comply with financial institutions’ data protection and security requirements.
“Brankas’ Open license allows our team to build and contribute in a way that is fair, equitable, and open to independent developers, FIs, and to our partners. With this license, Brankas is able to continue to invest in the greater open source community, and to share our code freely with the world,” stated Brankas co-founder and CTO, Kenneth Shaw.
Brankas has been advised by Ren Jun Lim, Alex Toh and Darren Leong from Baker McKenzie’s Singapore-based Intellectual Property and Technology (IPTech) practice group.
Brankas is the leading Open Finance technology provider in Southeast Asia. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas’ secure Open Banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.
About Baker McKenzie
Baker McKenzie provides integrated client solutions that are underpinned by deep practice and sector expertise, as well as keen local market knowledge. These connected solutions provide insight and foresight, empowering business leaders to make the right decisions across siloes. Gain access to seamless legal advice across all your IP and technology needs including protecting and commercialising your intangible assets, advice on licensing and regulatory matters, legal issues in the area of internet of things (IoT), data protection, sector-specific dispute resolution, tax-related issues, labour law, competition and antitrust, commercial contracts and restructuring. Benefit from a team with a unique culture which enables our 13,000 people to work with clients as trusted colleagues and friends to drive innovative growth that is both sustainable — and inclusive. www.bakermckenzie.com