According to news sources, the provider of ethical financial services, MoneeMint, is planning to launch a BaaS offering in the form of MoneeMint Labs. This will be an all-inclusive end-to-end Banking as a Service (BaaS) for clients based in Europe and the United Kingdom. Those organizations that are interested in providing card schemes to their clients will have the opportunity to launch cards in the market through the MoneeMint Labs BaaS offering.
The BaaS solution MoneeMint Labs will offer digital mobile banking applications and state-of-the-art Core Banking Platform. It will also offer secure services like AML, Transaction Monitoring, and KYC. In addition to this, MoneeMint Labs will also offer customized cards to the users, besides a wide marketplace that will have many essential products like insurance, pension, and others. Many more features of MoneeMint Labs will be announced soon.
In a recent interview, the co-founder of MoneeMint, Hassan Waqar, said that the company is built on an intuitive, disruptive, and flexible technological system. He further added that those are the same principles they will be applying to MoneeMint Labs. The company, with the launch of this BaaS offering, aims to provide solutions to small-budget organizations that want to launch their own card schemes. With the services provided by MoneeMint Labs, these organizations would be able to expand and grow without having to worry about technological and regulatory constraints.
Previously, MoneeMint used to operate in the name of Ummah Finance. It mainly catered to the Muslim population in the United Kingdom. The rebranding was done sometime around September of 2018.