With an eye on bridging Cefi and Defi, M2P Fintech acquires Core Banking platform company BSG ITSOFT
The acquisition expands M2P Fintech capabilities to roll out full digital Bank
BANGALORE, India, Feb. 17, 2022 /PRNewswire/ -- M2P Fintech, Asia's largest API infrastructure company has signed definitive agreement to acquire BSG ITSOFT, a leading provider of Core banking solutions. The acquisition further bolsters M2P Fintech's approach to providing a new generation cloud native platform and positions M2P Fintech among few entities globally to offer a fully integrated banking & payments stack that is built on API-first infrastructure. The platform, besides being an integrated CBS and payments stack will also cater to emerging use cases around blockchain, trade finance and aims to accelerate their adoption in mainstream banking across different geographies.
Madhusudanan R, Co-Founder and CEO of M2P Fintech, commented, "The heightened action around Fintech over the past few years is anything to go by, it is likely to grow unabated over the next couple of decades. Globally we are witnessing new and relevant technologies disrupting every aspect of financial services and we realised Core Banking system is the nucleus of all things Fintech. Given that Central banks around the world are building out CBDC, besides all the work that's happening around broader applicability of Blockchain in financial services, we felt it was opportune to build a Core system that can act as a bridge between the legacy infrastructure and the future. By partnering with Satish and the BSG team, we will be able to realise this vision faster. We believe in BSG, we have a fantastic product that can take on the world of New age banking."
Satish Krishnaswamy, Founder, CEO & MD of BSG ITSOFT will take up Product leadership role at M2P and will continue to build on the vision for BSG. He commented "Our mission is to modernise banking experience either by replacing the legacy system through our TURING CBS as well as build on top of existing legacy systems through our TURING nCORE platform. Over the past few years, we have been able to enable banks of all sizes to intelligently manage their operations and scale seamlessly. Joining M2P Fintech gives us an opportunity to accelerate our vision and build on relevant use cases. We are looking forward to integrating our core banking platform with M2P's API stack that will benefit ourpartner banks."
With over 70+ products, BSG's platform offers future-ready technology stack that is compatible with licensed and open source platforms. BSG offers proprietary technology that leverages data science insights to optimise user experience. The cloud-native platform has an extensive clientele of over 250+ Co-operative banks, Small Finance banks and NBFCs. Based out of Mumbai, BSG has an existing team size of 100 and will continue to work on enhancing its product offering, thereby accelerating the pace of banking technological transformation.
M2P Fintech is an API infrastructure company that enables businesses of any scale to embed financial products in their customer journeys. M2P's agile platform allows businesses to quickly create and deploy fintech products by simplifying the partnerships with Banks, PPIs, FIs, and other regulated entities. M2P provides deep domain expertise with significant speed to market while maintaining the core of our offerings' scalability, security, and reliability.
Headquartered in Chennai, India, M2P operates in over 20 markets across Asia and North Africa. A few key markets apart from India include the United Arab Emirates, Australia, New Zealand, Nepal, the Philippines, Bahrain and Egypt. The company plans to expand its footprint to Indonesia, Bangladesh, Vietnam, and across the MENA region.
BSG ITSOFT is a new generation Indian Fintech company with a vision " TO BUILD THE WORLD'S MOST CONVENIENT, SECURE & COST-EFFECTIVE FIN-TECH PRODUCTS". BSG's TURING CBS has the richest end-to-end banking functionalities, built on latest cutting edge micro services architecture with inbuilt FRM / RPA and Smart Contracts. TURING CBS is delivered on the most advanced cloud-native, AI and API-first platform.
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