Who is Build?

BUILD is a Service provider in Banking with a core competency in embedding frictionless payment services native to applications and websites. With deep domain knowledge in payments and regulation throughout Asia, Europe and APAC, BUILD enables complete payment solutions at pace which are secure, compliant and scalable, saving time, complexity, and regulatory burden for our clients. With a state of the art modular technology stack and elite engineering team, BUILD provides both elegant turnkey payment solutions and bespoke payment experiences to suit the unique needs of start-ups, SMEs, fintech’s and enterprise customers.

What are your values? What is the Vision and Mission of Build?

With a range of payment solutions developed and customized for industries and specific companies, Web3, Payment Company, Alt finance, Remittance, and Global payment transfers are some of the common challenges that BUILD solves.

BUILD’s vision is to become the leading global provider of Banking as a Service infrastructure, empowering businesses to seamlessly integrate financial services into their operations. Our mission is to create a secure and technologically advanced environment that enables businesses to effortlessly embed financial services within their core offerings, fostering innovation and driving growth.

What does an embedded financial service mean?

Embedded financial services refer to the integration of financial products and services into non-financial platforms or applications. It involves offering financial services as a seamless part of user experience within a different context, such as e-commerce platforms, social media platforms, mobile apps, or other digital platforms. Traditionally, financial services were offered through dedicated channels such as banks, insurance companies, or investment firms. However, with the rise of technology and digital transformation, financial services have started to become embedded within various non-financial platforms.
The key idea behind embedded financial services is to provide users with convenient and integrated financial solutions within the platforms they already use, eliminating the need to navigate multiple apps or websites for their financial needs. It aims to enhance user experience, streamline processes, and provide a more comprehensive and holistic service offering.

What is the goal of embedded finance?

The goal of embedded finance is to make financial services more accessible, convenient, and integrated into everyday experiences.

Here are some key goals of embedded finance:

Enhanced User Experience: Embedded finance aims to improve the user experience by integrating financial services seamlessly into non-financial platforms. By providing financial capabilities within existing apps or platforms, users can access and utilize financial services without the need to switch between multiple applications or websites.

Convenience and Simplification: The goal is to simplify financial processes and eliminate friction points for users. Embedded finance allows users to perform financial transactions, such as payments, money transfers, or lending, within the context of the platform they are already using, making it more convenient and efficient.

Expanded Access to Financial Services: By integrating financial services into non- financial platforms, embedded finance has the potential to reach a broader audience. It can provide financial services to individuals who may not have traditional banking relationships or access to physical bank branches. This can contribute to financial inclusion by offering services to underserved or unbanked populations.

Customized and Personalized Offerings: Embedded finance enables the customization and personalization of financial services based on user data and preferences. By leveraging user insights collected within the platform, tailored financial solutions can be offered, such as personalized recommendations, targeted offers, or financial management tools.

Collaboration and Partnerships: Embedded Finance fosters collaboration between technology companies, fintech startups, and traditional financial institutions. Non-financial platforms partner with financial service providers to offer embedded financial services, leveraging each other’s strengths and expertise. This collaboration enables innovation and the development of new financial solutions.

Business Growth and Monetization: For non-financial platforms, embedded finance presents an opportunity for additional revenue streams and business growth. By offering financial services, platforms can generate revenue through fees, commissions, or partnerships with financial institutions.

Overall, the goal of embedded finance is to seamlessly integrate financial services into the fabric of everyday life, making financial transactions more convenient, accessible, and tailored to individual needs.

What is your concept behind this Banking as a Service (BaaS)?

Banking as a Service (BaaS) is a concept that involves banks or financial institutions providing their banking infrastructure and capabilities to third- party companies, often non-financial businesses, to offer financial services to their customers. BaaS enables these third-party companies to integrate banking services into their own products, platforms, or applications without having to build and maintain the underlying banking infrastructure themselves. The concept behind BaaS is to leverage the expertise, regulatory compliance, and infrastructure of established financial institutions and make them accessible to a wider range of businesses.

Some key aspects of the concept include:

• Banking Infrastructure
• APIs and Integration
• Customization and White-Labeling
• Regulatory Compliance
• Innovation and Market Expansion

BaaS fosters collaboration between traditional financial institutions and innovative companies, driving growth, and expanding the availability of financial services to a wider range of customers.

People want specialized financial services, with a plethora of options and perks to keep them interested. Hence, Baas should be a serious expansion for businesses. In what way does BUILD stand out from other Baas providers?

Build stands out from its competitors by the following offerings:

Breadth of Services: Offers a wide range of financial services and capabilities, including payments processing, account management, compliance solutions, lending, risk management, and many more.

Customization and Scalability: Allows for customization and scalability that enable our clients to tailor the financial services to their specific needs and grow their offerings as their businesses expand.

User Experience and Integration: Prioritizes a seamless user experience through well-designed interfaces and easy integration options.

Regulatory Compliance and Security: Have robust security measures and compliance frameworks in place, along with established relationships with regulatory authorities, which can offer peace of mind to their clients.

Partner Ecosystem and Support: Has an established partnership with other relevant service providers, fintech companies, or technology platforms that can offer a broader ecosystem of integrated solutions.

Innovation and Future-Readiness: Demonstrates a commitment to innovation, by staying updated with emerging technologies, and offering forward-looking solutions. It keeps its pace with industry trends and provides access to cutting-edge technologies.

 

With the dominance of e-Commerce and online usage today, embedding financial services into traditional non-banking platforms was imminent. Could you throw some light on Build’s technology that is used for securing the banking system?

Encryption: Encryption is a fundamental technology used in securing sensitive information. It involves encoding data in a way that can only be deciphered with the appropriate decryption key. Banks employ encryption algorithms to protect data during transmission (e.g., Secure Sockets Layer/Transport Layer Security or SSL/TLS for secure web communication) and while at rest (e.g., encrypting databases or storage devices).

Multi-factor Authentication (MFA): MFA adds an additional layer of security by requiring users to provide multiple forms of authentication, typically combining something they know (e.g., password), something they have (e.g., a token or mobile device), and/or something they are (e.g., biometric data like fingerprints or facial recognition). MFA helps prevent unauthorized access even if passwords are compromised.

Secure Access Controls: Banks implement robust access control mechanisms to ensure that only authorized individuals can access sensitive systems and data. This includes strong password policies, role-based access controls, and privileged access management to limit administrative access.

Firewalls and Intrusion Detection/ Prevention Systems: Firewalls act as a barrier between internal networks and external networks, monitoring and controlling incoming and outgoing network traffic. Intrusion detection and prevention systems (IDPS) help identify and respond to potential attacks or abnormal activities in real-time.

Secure Development Practices: Banks follow secure software development practices, such as secure coding standards, regular code reviews, and vulnerability assessments, to minimize the risk of software vulnerabilities that could be exploited by attackers.

Security Monitoring and Logging: Banks employ security monitoring systems to continuously monitor network and system activities, detect potential threats or breaches, and generate alerts. Log mechanisms record detailed information about system events; they help security analysis and forensic investigations.

Data Loss Prevention (DLP): DLP technologies help prevent unauthorized disclosure or loss of sensitive data by monitoring and controlling data in transit, at rest, and in use. They can detect and block attempts to transfer sensitive data outside authorized channels.

Fraud Detection and Anti-Money Laundering (AML) Systems: Banks employ advanced analytics and machine learning algorithms to detect patterns and anomalies that may indicate fraudulent activities or money laundering attempts. These systems help identify suspicious transactions and mitigate risks.

Regular Security Audits and Penetration Testing: Banks conduct regular security audits and penetration testing to identify vulnerabilities, assess the effectiveness of security controls, and proactively address potential weaknesses before they can be exploited.

Because you have high quality solutions, are you too costly when compared to market leading rates?

BUILD is always the BaaS provider that aligns best with customers’ specific requirements and budget. The cost of BaaS solutions can vary depending on various factors, such as the specific services and features included, the level of support provided, the scalability options, and the reputation of the provider. Market-leading BaaS providers often set their rates based on factors such as their brand recognition, the quality and reliability of their services, and the additional value they offer. If a BaaS provider offers advanced features, robust security measures, excellent support, and reliable infrastructure, their rates may be higher compared to some competitors. However, it’s important to assess the value and benefits you gain from their services when evaluating the cost. When choosing a BaaS provider, it’s recommended to consider factors beyond just the cost, such as the quality of their services, their track record, customer reviews, the scalability of their solutions, and the level of customization they offer.

Tech companies and brands are clamoring to integrate financial services into their platforms because they see the inherent profit afforded by the offering. How soon would you be able to integrate a business into Build’s Banking as a Service?

The timeline for integrating a business into BUILD’s Banking as a Service (BaaS) platform can vary depending on several factors, including the specific business, the complexity of the integration, and the readiness of the business itself. While I can provide a general overview, it’s important to note that the actual timeline will depend on the specific circumstances and requirements.

In general, the integration process with a BaaS platform can take several weeks to a few months. Here’s a rough outline of the typical steps involved:

Initial assessment: BUILD will evaluate the business’s requirements, regulatory compliance, and technical feasibility to determine if the integration is possible.

Agreement and documentation: Both parties will need to negotiate and finalize the contractual terms, service-level agreements, and any legal documentation required for the integration.

Technical integration: This phase involves integrating the business’s systems with the BUILD’s APIs and infrastructure. The complexity of this step will depend on the business’s existing technology stack.

Compliance and regulatory checks: Financial services involve stringent regulatory requirements. BUILD will need to perform due diligence and ensure that the business meets the necessary compliance standards before onboarding.

Testing and quality assurance: The integrated solution will undergo rigorous testing to ensure that it functions as expected and meets the required security and performance standards.

Go-live and launch: Once the integration has been thoroughly tested and all regulatory requirements are met, the business can officially launch its financial services offering by BUILD.

Could you mention about the services that you have built so far?

BUILD so far offers a range of services that enable businesses to incorporate financial services into their offerings. Here are some common services that we have built so far:

Account Management: BUILD facilitates the creation and management of bank accounts for businesses and our customers. This includes features such as account opening, transaction tracking, balance monitoring, and fund transfers.

Payments and Transfers: BUILD enables businesses to process payments, whether it’s facilitating transactions between customers or integrating payment options within their applications. We support various payment methods such as credit cards, digital wallets, and bank transfers.

Compliance and Regulatory Support:

BUILD handles the complex regulatory and compliance aspects of financial services. We ensure that businesses adhere to legal requirements, anti- money laundering (AML) regulations, know-your-customer (KYC) procedures, and other industry-specific regulations.

Risk Management: BUILD also offers risk management tools and services to help businesses assess and mitigate financial risks associated with their operations. This can include fraud detection and prevention, identity verification, and transaction monitoring.

Reporting and Analytics: BUILD provides reporting and analytics capabilities, giving businesses insights into their financial activities. This includes generating financial statements, transaction reports, and other relevant data to support business decision- making.

White-Label Solutions: BUILD offers white-label solutions, allowing businesses to brand the financial services seamlessly within their own applications. This helps maintain a consistent user experience and strengthens brand identity.

Developer Tools and APIs: BUILD provides developer-friendly tools, software development kits (SDKs), and APIs (Application Programming Interfaces) to enable businesses to integrate financial services into their existing systems and applications easily.

Could you brief about some of the common challenges that BUILD solves for industries and specific companies?

Regulatory Compliance: Financial services are subject to extensive regulations and compliance requirements. We must navigate complex regulatory frameworks to ensure their services and operations that align with legal and industry standards. Additionally, industries and companies utilizing Build must ensure compliance when integrating financial services into their offerings.

Data Security and Privacy: Handling sensitive financial data requires robust security measures to protect against cyber threats, data breaches, and unauthorized access. We and the companies we serve must invest in sophisticated security infrastructure; implement encryption, access controls, and monitoring systems to safeguard customer information.

Integration Complexity: Integrating financial services into non-banking platforms can be technically challenging. We must offer comprehensive APIs and developer tools to facilitate smooth integration, but industries and companies may need to invest time and resources in integrating the services into their existing systems, ensuring compatibility and seamless user experience.

Scalability and Reliability: We must ensure our infrastructure can handle increased demand and scale as the client base grows. We need to maintain high levels of uptime, reliability, and performance to meet the needs of industries and companies relying on our services. Downtime or system failures can have significant repercussions.

Customer Trust: Establishing and maintaining trust is crucial for us and the industries/companies using our services. Customers expect secure and reliable financial services, and any breaches or data mishandling can lead to reputational damage. We must prioritize transparency, data protection, and proactive communication to build and retain trust.

Company Name: Build
Website: build.app
Address: Level 29, Chifley Tower, 2 Chifley Square, Sydney, NSW, 2000, Australia
Email Address: hello@build.app