Codebase Technologies redefines the future of banking with its API solutions

Financial services regulators around the world are increasingly concerned with promoting competition and innovation in banking, reducing barriers to entry, and empowering consumers. Of all the strategies being employed to achieve this, the most significant and far-reaching is open banking, where consumers have the power to share banking data to chosen third parties via application programming interface (APIs).

API banking solutions hold out the promise to foster innovation and lower costs. With a robust increase in the number of online banking and use of smart devices in the ever connected world, the need for API banking solutions continues to rise. In fact, a report published by Allied Market Research states that the global open banking market generated USD7.29 billion in 2019, and is expected to reach USD43.15 billion by 2026, growing at a CAGR of 24.4 percent from 2019 to 2026. 

To share further insights on the API banking solutions market, how these solutions have given an edge to neobanks and challenger banks, including an outlook of this sector in Middle East and North Africa (MENA) and Asia Pacific region with our listeners, we speak to Raheel Iqbal, Founder and Managing Partner at Codebase Technologies.

Codebase Technologies, one of the world’s fastest-growing open API banking solutions providers. With a vision to “disrupt the way technology is utilised, for a greater purpose,” the company engineers impactful digital financial propositions for conventional and Islamic banks, fintech, neobanks, lenders, and startups. 

During the conversation, Raheel speaks about:

• Codebase Technologies’ products and solutions suite and how its customers are using them.
• The company’s footprint and key clients in the APAC region.
• How Codebase stands out in the face of competition.
• The outlook and challenges for the challenger banks and neobanks in APAC, including lessons learnt from both the  MENA and APAC markets. 
• How the evolving regulatory environment impacts digital banks.
• Key trends that shape digital banking in APAC, and MENA in 2022 and 2023.  
• His role as an angel investor for fintech startups, what drives him to do this and how the collaboration works to bridge the gap between startups and traditional financial institutions.