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Embedded Finance

Updated: Aug 17, 2023

A Paradigm Shift in Financial Services

Contributed by Lim Jing Wei, Chief Fintech Officer

In today's swiftly evolving digital terrain, the dynamics of our interaction with financial services are undergoing a transformative shift. The article titled "Fintech Basics: What is Embedded Finance?" explores the emerging concept of embedded finance and its implications within the fintech industry.

The disruption of traditional banking and payment systems is being driven by the emergence of a groundbreaking paradigm known as "embedded finance." This concept entails the seamless integration of a spectrum of financial services – encompassing payments, lending, insurance, and investment products – into third-party platforms, applications, or ecosystems.

We have shared previously as well that rapid advancements in technology, such as Application Programming Interfaces (APIs), cloud computing, and open banking frameworks, have made it easier for businesses to integrate financial services into its applications.

An exemplar of effective utilization of embedded finance in Southeast Asia is the Singaporean gig-economy giant, Grab. Originating as a ride-hailing enterprise, Grab swiftly expanded its domain to encompass food delivery services. Within this versatile application, a comprehensive suite of embedded facilities, including payments, insurance, investments, loans, and credit, coalesce seamlessly. This unique framework empowers users to access and deploy financial products within Grab's ecosystem, exemplifying the essence of embedded finance.

This novel approach represents more than just a mere shift; it signifies a fundamental transformation in our approach to and consumption of financial services. Embedded finance has the potential to democratize finance, fostering enhanced accessibility and convenience for customers, while concurrently affording businesses the opportunity to diversify their offerings and revenue streams.

Cognizant of this transformative trend, CYS Global Remit is steadfastly positioned to adapt to this evolving landscape. As a forward-looking Major Payment Institution, CYS remains poised to harness the potential of embedded finance. Through a commitment to innovation and strategic collaboration with partners, CYS Global Remit endeavors to provide unparalleled value and experiences for our esteemed customers.


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