World’s First Banking-as-a-Service Open Source License

DigitalCFO Newsroom | 24 November 2022

Open Finance technology leader Brankas has developed a first-of-its-kind open source license for the next generation of Banking-as-a-Service and Open Finance software.

Open Finance technology leader Brankas has developed “Brankas Open”, a first-of-its-kind open source license for the next generation of Banking-as-a-Service and Open Finance software.

The “Brankas Open” license is meant to encourage digital banking and fintech innovation and lower the cost barriers for startups, neobanks, and even traditional institutions to quickly prototype and launch new solutions, while retaining their own source code. Customers will benefit from more choice and better user experience, as companies have open access to use, modify, redistribute, and collaborate on the publicly available Brankas Open code.

The inspiration for Brankas Open came when Brankas received a grant from the Monetary Authority of Singapore in November 2021 to develop Brankas APIX Open Core, a proof of concept open source core banking system.

Recognizing the need for a modernized Open Source framework to address new Open Finance technology, Brankas looked to existing open-source licensing frameworks in order to develop Brankas Open. Brankas felt that this framework was necessary to protect community contributions, ensure open access, and comply with financial institutions’ data protection and security requirements.

“Brankas’ Open license allows our teams to build and contribute in a way that is fair, equitable, and open to independent developers, FIs, and to our partners. With this license, Brankas is able to continue to invest in the greater open source community, and to share our code freely with the world,” stated Brankas co-founder and CTO, Kenneth Shaw.

Brankas has been advised by Ren Jun Lim, Alex Toh and Darren Leong from Baker McKenzie’s Singapore-based Intellectual Property and Technology (IPTech) practice group.