Banking software-as-a-service (SaaS) firm Pismo has expanded its partnership network with tech-as-a-service (TaaS) provider OneConnect.
The move serves as part of Pismo’s wider strategy of expansion into the Southeast Asia and Middle East regions, both important contributors to the growth of the banking software industry.
Vishal Dalal, CEO (North America, Europe and Asia) at Pismo, said: “Southeast Asia region and the Middle East are key markets for Pismo, as one of the highest growing economies in the world. Our vision is to help banks and fintechs in their journey into BaaS and cloud for core processing.
“Our presence in Singapore and our partnership with a highly-accomplished institution like OneConnect underlines our deep commitment to this region.”
For Brazilian-based Pismo, the new partnership also brings a new corporate office opening in Singapore that will serve as a hub for the company’s Southeast Asia operations. This follows Pismo’s entry into the EU and the US in an effort to capitalise on the expansion of the global banking software market, which is projected to reach a value of US$34.48bn in 2028 and an annual growth rate of 18% between 2021 and 2028, according to Fortune Business Insights.
OneConnect on the other hand will benefit from expanding its range of supported financial institutions by integrating Pismo’s scalable SaaS platform into its own suite of solutions.
Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology, also commented on the partnership: “We are excited by the potential that this partnership brings to both parties. As a financial technology solutions provider, we are constantly looking out for new technologies and ways for us to bring better value to financial institutions.
“With this partnership with Pismo, we are glad to be able to extend our range of services to now include SaaS, which we envision to be more accessible and implementable for mid-to small-sized banks.
“This is also where we believe we can bring together the best of the East – best-in-class AI innovations and technology – and the West – a flair in product engineering.”