The move is viwed by the company with an eye on bridging Cefi and Defi capabilities
The acquisition expands M2P Fintech’s capabilities to roll out full digital Bank
Chennai, NFAPost: M2P Fintech, one of Asia’s largest API infrastructure company, has signed definitive agreement to acquire core banking solutions provider BSG ITSOFT.
The acquisition further bolsters M2P Fintech’s approach to providing a new generation cloud-native platform and positions M2P Fintech among few entities globally to offer a fully integrated banking & payments stack that is built on API-first infrastructure.
The platform, besides being an integrated CBS and payments stack will also cater to emerging use cases around blockchain, trade finance and aims to accelerate their adoption in mainstream banking across different geographies.
Commenting on the acquisition, M2P Fintech Cofounder and CEO Madhusudanan R said the heightened action around Fintech over the past few years is anything to go by, it is likely to grow unabated over the next couple of decades.
“Globally we are witnessing new and relevant technologies disrupting every aspect of financial services and we realised Core Banking system is the nucleus of all things Fintech. Given that Central banks around the world are building out CBDC, besides all the work that’s happening around the broader applicability of Blockchain in financial services, we felt it was opportune to build a Core system that can act as a bridge between the legacy infrastructure and the future,” said M2P Fintech Cofounder and CEO Madhusudanan R.
By partnering with Satish and the BSG team, M2P Fintech Cofounder and CEO Madhusudanan R said the company will be able to realise this vision faster. “We believe in BSG, we have a fantastic product that can take on the world of New age banking,” said Madhusudanan R.
BSG ITSOFT Founder, CEO & MD Satish Krishnaswamy will take up a Product leadership role at M2P and will continue to build on the vision for BSG.
“Our mission is to modernise banking experience either by replacing the legacy system through our TURING CBS as well as build on top of existing legacy systems through our TURING nCORE platform. Over the past few years, we have been able to enable banks of all sizes to intelligently manage their operations and scale seamlessly,” said BSG ITSOFT Founder, CEO & MD Satish Krishnaswamy.
Joining M2P Fintech gives BSG ITSOFT an opportunity to accelerate its vision and build on relevant use cases. “We are looking forward to integrating our core banking platform with M2P’s API stack that will benefit our partner banks,” said BSG ITSOFT Founder, CEO & MD Satish Krishnaswamy.
With over 70+ products, BSG’s platform offers a future-ready technology stack that is compatible with licensed and open-source platforms. BSG offers proprietary technology that leverages data science insights to optimise the user experience.
The cloud-native platform has an extensive clientele of over 250+ Cooperative banks, Small Finance banks and NBFCs. Based out of Mumbai, BSG has an existing team size of 100 and will continue to work on enhancing its product offering, thereby accelerating the pace of banking technological transformation.