SG fintech pioneers open source license for banking-as-a-service - BusinessMirror

OPEN-Finance technology provider Brankas Pte. Ltd. announced it has developed a first-of-its-kind publicly accessible license for next-generation Banking-as-a-Service software and Open Finance software.

This is beneficial for customers as they have more options and enjoy better user experience since companies have the freedom to use, modify, redistribute and collaborate on its publicly available code, Shaw said. Seeing the need for a modernized framework available to the public to address new open finance technology, the firm looked to existing ones for licensing in order to develop its open license. We felt this was necessary to protect community contributions, ensure open access and adhere to financial institutions’ data protection and security requirements, according to Shaw.

“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,” he added.

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