OPEN Finance technology leader Brankas has developed “Brankas Open,” a first-of-its-kind open-source license for the next generation of banking-as-a-service and open finance software.
Brankas co-founder and Chief Technology Officer Kenneth Shaw. CONTRIBUTED PHOTO
The Brankas Open license is meant to encourage digital banking and financial technology innovation, and lower the cost barriers for startups, neobanks and even traditional institutions to quickly prototype and launch new solutions while retaining their own source code. Customers will benefit from more choice and better user experience, as companies have open access to use, modify, redistribute and collaborate on the publicly available Brankas Open code.
“Brankas’ open license allows our team to build and contribute in a way that is fair, equitable, and open to independent developers, financial Institutions and to our partners. With this license, Brankas is able to continue to invest in the greater open-source community and to share our code freely with the world,” said Brankas co-founder and Chief Technology Officer Kenneth Shaw.
The inspiration for Brankas Open came when Brankas received a grant from the Monetary Authority of Singapore in November 2021 to develop Brankas APIX Open Core, a proof-of-concept open source core banking system.
Recognizing the need for a modernized open-source framework to address new open finance technology, Brankas looked to existing open-source licensing frameworks in order to develop Brankas Open. Brankas felt that this framework was necessary to protect community contributions, ensure open access, and comply with financial institutions’ data protection and security requirements.
The Brankas Open license is available on the Brankas website at: https://www.brankas.com/open-license and on Github at https://github.com/openbank/core
Brankas has been advised by Ren Jun Lim, Alex Toh and Darren Leong from Baker McKenzie’s Singapore-based Intellectual Property and Technology (IPTech) practice group.
