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Westpac takes the lead as Banking-as-a-Service comes to Asia Pacific

Australia’s Westpac was recognized by IDC Financial Insights as a key example of how BaaS extends the role of banks in the more digital world of the customer.

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Australia’s Westpac Banking Corporation (Westpac) was recognized by IDC Financial Insights under its Financial Insights Innovation Awards (FIIA) Program in 2022 as a key example of how BaaS extends the role of banks in the more digital world of the customer. Its recognition was primarily about how it was able to set up a technology platform to be able to execute BaaS very well.

This report presents the most common features of any BaaS strategy, contextualizing these to conditions in various Asia/Pacific markets. It then explores Westpac’s BaaS platform, Australia's first, purpose-built, [and] digital BaaS platform and business. The platform runs on AWS, fully setting up the bank and leveraging APIs, and supporting the growth of transactions to and from third parties via open APIs. The core provider 10x calls this technology stack on AWS as SuperCore.