The Latin America, Middle East and Africa Banking-as-a-Service Market would witness market growth of 18.2% CAGR during the forecast period (2022-2028).
In addition to seizing the open banking opportunity before their rivals, tech-savvy legacy banks that develop their own BaaS platforms now will also open up a new source of income by monetizing their platforms. The operating costs of digital challenger banks are currently much lower than those of incumbents. In order to offer their BaaS platforms to distributors who want to offer financial products to their customers, some technology companies obtained banking licenses.
Thus, a non-financial company can offer financial products under its own brand so that customers believe they are purchasing from that company, even though the financial product is actually being offered by a financial institution. A financial institution can set up a platform for this purpose based on the most recent affordable, scalable, cloud-native technology, which will lower its cost to serve customers.
The UAE has been following worldwide trends in BFSI digitalization closely and quickly. In terms of FinTech, the Middle East region and the United Arab Emirates, in particular, are growing and thriving markets whenever it comes to emerging banking trends as well as technologies. In terms of unrealized potential, the Middle East region is in a good position to develop into the next large region for digital banking innovation. Middle Eastern nations are now recognizing the urgent need for digital services that cater to their needs.
The Brazil market dominated the LAMEA Banking-as-a-Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $900 million by 2028.The Argentina market is experiencing a CAGR of 18.8% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 17.9% during (2022 - 2028).
Based on Component, the market is segmented into Platform and Services. Based on End User, the market is segmented into Banks, NBFC, Government and Others. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on Product Type, the market is segmented into Cloud-Based and API-Based. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Banking-as-a-Service Market is Predict to reach $51.2 Billion by 2028, at a CAGR of 15.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Green Dot Corporation, PayPal Holdings, Inc., Block, Inc., Sopra Steria Group SA, Moven Enterprises, Solarisbank AG, The Currency Cloud Limited, Treezor SAS, Bnkbl Ltd., and MatchMove Pay Pte. Ltd.
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