Pismo, one of the world’s fastest-growing banking software-as-a-Service (SaaS) firms, announces its new office in Singapore and the forging of a strategic partnership with OneConnect Financial Technology Co., Ltd (OneConnect), the leading technology-as-a-service (TaaS) provider and an associate of Ping An Group, in order to expand its operations in Southeast Asia region and the Middle East.
The global core banking software market is expected to reach a US$34.48 billion valuation in 2028, with a compound annual growth rate of 18% between 2021 and 2028, according to Fortune Business Insights2 and Asia plays an important role in this growth. The partnership will allow both companies to tap into this rapidly growing core banking software market in the region, thus extending the reach to a greater range of financial institutions.
“Southeast Asia region and the Middle East are key markets for Pismo, as one of the highest growing economies in the world,” says Vishal Dalal, CEO (North America, Europe and Asia) at Pismo. “Our vision is to help banks and fintechs in their journey into BaaS and cloud for core processing. Our presence in Singapore and our partnership with a highly-accomplished institution like OneConnect underlines our deep commitment to this region.”
This partnership sees OneConnect’s current suite of cutting-edge technological solutions being complemented with Pismo’s highly scalable, nimble, and multi-tenant SaaS platform in order to better serve a broader range of financial institutions.
Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, says: “We are excited by the potential that this partnership brings to both parties. As a financial technology solutions provider, we are constantly looking out for new technologies and ways for us to bring better value to financial institutions.”
She adds: “With this partnership with Pismo, we are glad to be able to extend our range of services to now include SaaS, which we envision to be more accessible and implementable for mid-to small-sized banks. This is also where we believe we can bring together the best of the East – best-in-class AI innovations and technology – and the West – a flair in product engineering.”
OneConnect chose Pismo as its latest strategic partner due to Pismo’s deep experience developing and implementing banking SaaS solutions for financial institutions including digital banks, such as Banco Itau, Latin America’s largest bank, BTG Pactual, the largest investment bank in Latin America, and renowned digital bank N26. Together with Pismo, OneConnect will soon be able to offer proven SaaS-based core banking solutions suitable for smaller banks. This potentially allows for integration within OneConnect’s existing products, such as its anti-fraud engines and mobile banking applications, which previously targeted top incumbent and large banks looking to digitalise.
The office in Singapore follows the opening of Pismo’s US and Europe offices in 2021 and is part of the company’s globalization strategy. In time, the office will also become the hub for all Pismo’s product support in South-East Asia.