In the race to provide financial services to growing populations with minimal footprint, fintech players from the developed world are eager to establish operations in the developing world. In the case of Middle Eastern banks, this means looking beyond the traditional footprint of their operations in the region and exploring new ways to leverage the existing customer base and develop new revenue streams. Amidst this global race, few fintech companies from the Middle East and other emerging markets have had the opportunity to partner with a well-known global bank. Fortunately, that changed when one of the regional Upstarts50 company, Besaba, partnered with a global bank and provided them with a bespoke white label mobile banking and digital payments solution.
What is Besaba?
Founded in 2013, Dubai-based Besaba is a blockchain-based financial services provider that empowers emerging market businesses with an affordable and scalable digital payments and financial services solution. Its founders saw an enormous need among SMEs in emerging markets to access the same banking and financial services that are available to big corporations, but in a more cost-effective way.
Why work with Besaba?
Besaba has developed a B2B2C model with a focus on cost-effective banking and financial services for the small and medium-sized business sector in emerging markets. It has a developed a proprietary software platform and licensed its technology to partners in the Middle East and Africa. In partnership with these partners, it provides tailored financial services such as loans, investments, and insurance.
Blockchain Driven Efficiency
Blockchain is the underlying technology that enables Bitcoin and other cryptocurrencies to function. It has the potential to disrupt many industries and is a near-perfect fit for the needs of emerging markets, where there is a huge shortfall in banking and financial services. Most banks in emerging markets are still exploring how best to incorporate digital currencies into their operations. However, a small but growing number of banks are now enabling their customers to use Bitcoin and other cryptocurrencies as a means of making payments.
Managed Mobile and Digital Payments
Besaba’s mobile and digital payments offering provides banks with a fully managed platform to enable their customers to send and receive money via mobile phone. The solution is designed to bring banking to emerging market customers in a cost-effective and easy-to-use format.
Secure and Private Platform
Besaba’s solution is built on a private blockchain that maintains a strict separation between customers’ data and the platform’s systems. This guarantees a high level of security for customers’ sensitive information, as well as privacy for their financial activities.
Continuous Improvement Process
Besaba’s experienced team of banking and technology professionals, who have years of experience working with emerging market financial services customers, has developed a continuous improvement process to ensure the solution meets the needs of the customer base. The process involves frequent surveys and focus groups, as well as in-depth interviews with a select group of customers, to identify and understand their pain points and needs. This feedback is used to develop new features and provide ongoing enhancements to the platform.
Besaba has combined cutting-edge banking and financial technology to create a simple and effective solution for the emerging market business sector. The solution is built on a powerful, yet easy-to-use platform that provides necessary financial services, including a virtual wallet, loans, investments, and insurance. This white label architecture enables the bank to maintain its brand and enjoy the operational benefits of a centralized platform.
We believe Besaba and other blockchain banking entrants will play a key role in enabling the poor and unbanked people of the world gain access to modern financial services.