Mbanq has become a full member of the Banking-as-a-Service (BaaS) Association.

Mbanq recognises the power of BaaS when it is deployed using modern technology underpinned by stringent adherence to regulatory and compliance standards. By aligning with the BaaS Association, Mbanq will help drive best practices within an industry that is rapidly changing in response to regulatory and technology shifts.

Vlad Lounegov, CEO of Mbanq, said: “Becoming a BaaS Association member underscores Mbanq’s dedication to enable positive change within the Banking-as-a-Service industry and promote financial inclusion through inventive solutions.”

Dave Mayo, Co-Founder, The BaaS Association, added: “The BaaS industry is a tremendous vehicle for innovation and reaching underserved and underbanked communities and it’s also an avenue for banks, particularly community banks, to no longer be limited by geography. When BaaS is done correctly, the bank benefits, the FinTech benefits, and the end consumer benefits with increased competition and access to new products and services.”

Mbanq to promote best practices and standards for BaaS operations

As a member of the BaaS Association, Mbanq looks forward to sharing information among BaaS stakeholders and establishing and promoting best practices and standards for BaaS operations.

Other benefits include engaging with and updating the community on regulatory and compliance developments and advocating for responsible BaaS services and products with policymakers.

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The BaaS Association serves as a unified voice for financial institutions engaged in BaaS. It represents over 80% of current BaaS sponsor banks across the United States. Through education, collaboration, and advocacy, the association empowers BaaS partner banks to deliver responsible and compliant services and develop strong partnerships with FinTech innovators.

Last year Mbanq partnered with Qorbis to produce a solution designed for premium sports, entertainment and event brands, with a strong focus on motorsports