Oliver Wyman Digital has launched a new platform aimed at helping incumbent banks and challengers to expedite their digital endeavours.

The new platform, called Edge, offers banking-as-a-service (BaaS) and insurance-as-a-service (IaaS) solutions.

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Edge is a cloud-native, modular, and scalable platform that is designed to meet regulatory requirements in the Asia Pacific while reducing cost and risk.

The platform comes with the front end, pre-integrated middle and back end services for better distribution capabilities. It also offers access to pre-configured financial services and allows integrations with third-party service providers.

Oliver Wyman partner and head of Malaysia Anirudh Singh said: “A key success factor for the new digital bank entrants in Malaysia is the ability to provide a full suite of financial products in a price-efficient manner. Edge offers a ready-made solution that comes with onboarding, payments, lending, and insurance journeys, making it a simple, one-stop solution.”

Singh added: “With the increasing competition for incumbent banks and new entrants alike across the Asia Pacific, it is important to get to market and acquire customers as soon as possible. By launching Edge, we offer our clients an agile and reliable solution that enables them to stay competitive.”

With its new offering, Oliver Wyman aims to tap the digital banking market in the Asia Pacific where 21 new digital banking licenses have been issued.

Tech firms and non-banks that are looking to develop new business models and revenue streams by entering the financial services market can also use Edge.