Setting up a new business can be difficult. If only there was a way to automate some processes and take some of the mental load off you. Well, there is — and it’s what financial technology (fintech) companies offer. Growth of the digital economy is on a high; a report by KPMG states that the fintech industry in Singapore saw a three-year high in deals transacted in the first half of 2021, with deals amounting to over S$830 million. Fintech involves the use of systems, software and algorithms to organise and manage financial operations. The services that fall under fintech run the full gamut: from paying using bitcoin cryptocurrency to servicing companies of various industries, like manufacturing, telecommunications and education.
How do fintech companies work?
The use of technology to digitalise financial processes, like money transfers, serves to democratise these services normally offered by juggernaut institutions such as large international banks. By using software and algorithms, financial operations are managed in a way that the involvement of humans is reduced, and operational costs are saved. Fintech startups offer more affordable services, are more responsive and agile – disrupting the financial industry.
Opal: Your PaaS and BaaS Provider
Opal offers advanced proprietary fintech services with its Platform as a Service (PaaS) platform and Banking as a Service (BaaS) platform. These platforms remove barriers previously erected by banks such as time-consuming regulations, dated technology and closed systems. Opal’s solutions are flexible, open and modular – allowing businesses to only choose financial products that they require.
Platforms as a Service (PaaS) Platform
A Platform as a Service (PaaS) platform is a cloud-based system that supports fast, reliable and responsive payments. It allows you to automate the back-office financial process from end-to-end, so companies without the capability to do so, can use Opal’s PaaS platform and have their payment systems up and running. The already-built infrastructure can be integrated seamlessly and so set up costs are minimised. PaaS offers enterprises a scalable, secure solution that allows them to stay up-to-date and competitive.
Banking as a Service (BaaS) Platform
A Banking as a Service (BaaS) platform allows businesses to integrate banking services into their products through APIs. Without needing to obtain a banking license, companies can offer financial products and services. This ecosystem allows non-banking businesses to offer better experiences to its customers without needing to face major technical challenges.
PaaS and BaaS — Opal’s plug-and-play platforms — takes the hassle out of and removes the barriers to transitioning to a digital environment. This is especially valuable in B2B marketplaces, logistics, e-commerce enablers and traditional remittances where Opal integrates and provides financial solutions. Opal partnered with agri-fintech trade solutions provider, DiMuto, to provide payment services. Using blockchain technology, physical products are digitally tagged and tracked, so consumers are aware and updated about where their products are in the supply chain.
Best-in-class financial solutions
Headquartered in Singapore, Opal (One account for Payments and Loans) offers end-to-end banking solutions with just one account. It is an all-in-one account that offers multiple financial solutions – resulting in convenience and more attractive terms. Its PaaS and BaaS platforms give enterprises SMEs the innovative edge and the competitive advantage with seamless integration.
Opal also offers other financing solutions, like business term loans and micro loans with attractive terms and processing rates. Venturing overseas is less anxiety-inducing with our remittance solutions: cross-border solutions and multi-currency accounts. Opal’s International money transfers are a fraction of the cost of that offered by banks, with better processing fees and a lower FX spread cost.
Opal is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution (MPI), and so you can be assured as a business owner. Grow your business with fintech and start your process of digitalisation with us.