Mbanq Founder and financial services expert Lars Rottweiler talks about revolutionary digital transformations in the industry, and the rise of BaaS (Banking as a Service) leveraged by modern technology at the latest episode of Dinis Guarda YouTube podcast for citiesabc, openbusinesscouncil.
Financial and IT services expert, Lars Rottweiler, was interested in computers since his childhood. With a computer frame box in his garage during as early as 1981, he was absorbed by technology ever since. In a recent interview carried out by Dinis Guarda, he recalls,
“Our consumption of energy was as much as a factory those days, but he let me experiment and use the computer as much as I wanted. So, my childhood was actually hacking and nerdy years”.
After studying Computer Science and Business Administration, he served many multinationals like Accenture, Deutsche Bank, and Infosys gaining extensive acumen for banking and IT services. Lars shares with Dinis that through his managing roles, he offered some unique and customised solutions for the industry.
“We created Pre-internet solutions which are continuously a little bit evolved but still using the old database and stuff. That’s why we decided to do things differently and started a new company”,
he says in the interview.
It is this rich knowledge and experience that drove him -and partner Vladimir Lounegov- to establish Mbanq, a fintech company in 2017. Dinis was excited to know about his realization of setting up a revolutionary solution for the world. Asked by Dinis, Lars explained the fundamentals of his idea:
“We quickly realised that there must be a market for it. An all-in-one banking platform that uses a completely different data architecture. Today, the biggest challenge with all the banks is to keep up with the regulatory changes and requirements.”
Lars explains that much of the investment goes into operations instead of developing innovative solutions. This prompted him to use his acumen and present society with path-breaking solutions. Talking about the evolving financial industry, Dinis asked Lars about the changing paradigms. Lars shares:
“The fintech area in the crypto space is unregulated. But more and more regulations are being thought of. There’s more and more drive in this direction. How future regulative jurisdiction can probably control the market and control banking in a crypto space? We talk to many regulations by now to set the target lines and give a guideline on how this could be achieved in a way that it still has the freedom that crypto allows but gives a control. With control, we talk about the trust it gives us in this kind of operations”.
With the Web3.0 fast approaching, Dinis was interested to know how banks are transforming themselves. Lars explains to him that banking and financial services are increasingly being digitalised. He further shares how Mbanq acts as the link that offers innovative and digitalised solutions for banks to be able to thrive in the market that is subject to dynamics of regulations and jurisdictions.
A Lifelong Dream: Creating Mbanq
Mbanq is a FinTech company that sets up and operates banks for clients using its digital banking platform on a Software as a Service (SaaS) basis. Its proprietary technology provides an advanced, modular, end-to-end banking platform with everything required to instantly launch financial services for any use case.
“As a fintech we learn what market demands are and what our cohorts, our clients, our existing other banks, and the neo banks need as a service. So, we create an interconnected ecosystem and see it as part of one.”
Services include banking licenses, compliance, regulatory, lending as a service, payment as a service, credit card licenses, visa licenses, payment drills, ACH, SWIFT, and connecting to blockchain and exchanges.
“Just to summarise it, what do we do differently? I mean, many banks do think digitalisation means you have mobile phones and mobile apps, but we think digitalisation is in the backend, how it’s used to run the whole platform. So, we use Big Data Algorithms where the entire bank has a mobile platform, we have no disrupted data flows, and we never change data. We never accumulate and send it back to the database. We always process the transaction almost instantly, which makes us very flexible and very agile. And obviously, with the new IT infrastructure, we can achieve this kind of tremendous success”.
Mbanq has grown to become one of the most comprehensive digital banking providers globally since its formation in 2016. Today Mbanq is one of the fastest-growing FinTechs in the world, serving banks, credit unions, and financial institutions of all sizes, across the USA, Europe, and Asia.
“We offer for our customers to be compliant at any given time”,
concluded Lars Rottweiler on the Dinis Guarda YouTube Podcast.
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