Traditional Banking is Obsolete — BaaS is What Will Save the Financial World
2 min readOct 7, 2024
- Banking-as-a-Service (BaaS) can alter the financial industry, as I’ve seen as Biptap’s Founder and CEO. Monopolies and overregulation are stifling innovation and denying millions of businesses financial services. Exclusion is now a concern, especially for high-risk companies like forex, adult entertainment, and internet gambling.
- Consider the numbers. Globally, 1.7 billion are unbanked. Those numbers represent a large portion of the global economy locked out of banking systems. Many organizations struggle to find financial services providers for areas like forex, which trade over $7.5 trillion daily. Traditional banks have mostly excluded them, leaving them few and uncertain options. The global online gambling market is expected to reach $127.3 billion by 2027, but financial constraints limit expansion and innovation.
- Despite good intentions, overregulation chokes firms. Studies reveal that over 40% of businesses regard regulatory constraints as the largest obstacle to adopting new technologies and entering financial services. This is a direct hit to struggling industries. Slow innovation due to overregulation leaves businesses, especially in high-risk sectors, vulnerable to inefficient and risky financial solutions.
- This makes BaaS game-changing. It bypasses traditional systems to provide enterprises direct financial infrastructure access. Biptap strives to provide businesses with flexible, secure, and privacy-focused solutions that may be customized. The BaaS industry is expected to increase from $356 billion this year to approximately $954 billion by 2028, demonstrating the global need for banking-free solutions.
- A more inclusive financial system is the goal, not just numbers. Forex, adult entertainment, and gambling have been forced into the shadows, using subpar technology because regular banks won’t work with them. This is where Biptap helps. We can have privacy, security, and user experience without losing compliance.
- Security and privacy underpin all we do. We created our BaaS solutions with zero-knowledge architectures so businesses can function with confidence in a world of cyber threats and data breaches. Our user experience approach gives organizations and their customers a pleasant, straightforward, and safe experience.
- I think open, accessible financial networks that empower any business, regardless of industry, are the future of finance. Biptap offers the best solutions for forex, gaming, and other high-risk industries. We’re developing a future-proof financial infrastructure that will lead financial inclusion, not only solve problems today. And the key here is, not just Web3, but Web2 problems as well
- More info on how we are doing this : https://biptap.com/
