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Fintech One•On•One
Jason Mikula of Fintech Business Weekly on the development of banking-as-a-service
Mar 7, 2025
In this engaging discussion, Jason Mikula, Publisher of Fintech Business Weekly and BaaS expert, delves into the rapidly evolving world of Banking-as-a-Service. He shares insights about the challenges fintechs face, the nuances between BaaS and embedded finance, and the significance of FBO accounts. Jason also explores the implications of the Synapse bankruptcy saga, the regulatory landscape's influence on partnerships, and the potential recovery of funds for affected consumers. His expertise offers a compelling perspective on the future of fintech.
43:12
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Quick takeaways
- The podcast highlights the critical challenges faced by middleware players in the Banking-as-a-Service ecosystem, particularly in compliance and operational management as they scale.
- A distinct difference between Banking-as-a-Service as a foundational infrastructure and embedded finance as integrated financial products is emphasized for better understanding of their roles.
Deep dives
Challenges of Middleware Models
The podcast discusses the challenges associated with middleware players in the banking as a service (BAS) landscape. It highlights that many of these players face difficulties when managing program responsibilities due to the rapid growth of customer-facing fintechs, which are often early-stage and venture-backed. Such startups prioritize quick growth over properly scaling controls, leading to a range of issues, particularly regarding compliance and operational management. This consensus suggests that the sustainability of the middleware model is questionable and calls for reevaluation of responsibilities within these partnerships.
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Discover
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