Mbanq Joins BaaS Association to Drive Industry Best Practices

Mbanq, a leading provider of banking technology and compliance solutions, has become a full member of the Banking-as-a-Service (BaaS) Association. This move underscores Mbanq’s commitment to advancing best practices and promoting financial inclusion within the rapidly evolving BaaS industry.

As a pioneer in Banking-as-a-Service, Mbanq leverages modern technology and strict regulatory compliance to deliver transformative financial solutions. By joining the BaaS Association, Mbanq aims to contribute to the development of industry standards and best practices in response to regulatory and technological changes.

“Becoming a BaaS Association member underscores Mbanq’s dedication to enabling positive change within the Banking-as-a-Service industry and promoting financial inclusion through inventive solutions,” said Vlad Lounegov, CEO of Mbanq.

Dave Mayo, Co-Founder of the BaaS Association, highlighted the significance of BaaS for innovation and accessibility, particularly for underserved communities and community banks. “When BaaS is done correctly, the bank benefits, the FinTech benefits, and the end consumer benefits with increased competition and access to new products and services,” Mayo stated.

As a member of the BaaS Association, Mbanq plans to:

• Share information among BaaS stakeholders.
• Establish and promote best practices and standards for BaaS operations.
• Engage with and update the community on regulatory and compliance developments.
• Advocate for responsible BaaS services and products with policymakers.

The BaaS Association represents over 80% of current BaaS sponsor banks in the United States. Through education, collaboration, and advocacy, the association empowers partner banks to deliver compliant services and forge strong partnerships with FinTech innovators.