Bank CenterCredit, the third-largest bank in Kazakhstan with total assets of approximately $13.29 billion, has selected Tallinn-based core banking software vendor Tuum to power its new Banking-as-a-Service (BaaS) offering.
The bank has opted for Tuum’s BaaS infrastructure to offer embedded finance to fintechs and corporate partners across Central Asia and the Middle East. Established in 1988, Bank CenterCredit currently serves over three million retail and corporate customers.
The infrastructure will run parallel to Bank CenterCredit’s existing legacy systems and will be deployed on Amazon Web Services (AWS) Outposts within the bank’s data centre, combining cloud with on-premise.
In a statement, the vendor says it will initially provide the accounts, payments, and card modules for the service, managed through the Tuum Orchestration platform.
Tuum also reveals plans with Bank CenterCredit for “future expansion into lending and a fully integrated Islamic Banking offering”, although a timeline for this development has not been disclosed.
Bank CenterCredit has been working to set the stage for its expansion into BaaS in recent years. In 2023, the bank signed with Awara IT to implement Microsoft Fabric, enabling real-time data access, before coming together with Ant Group Digital Technologies last year with a focus on developing new digital solutions.
Its latest partner, Tuum, currently powers BaaS for a number of high-profile clients, including LHV Bank in its native Estonia, which has since reached over 200 fintechs with its offering.
Source: https://www.fintechfutures.com/
