Sagicor Bank (Barbados) Limited (Sagicor Bank Barbados), the first fully digital neobank in the English-speaking Caribbean, is live.
Sagicor Bank Barbados utilizes Mbanq’s Banking-as-a-Service solutions for technology and operations.
The neobank’s branchless, digital financial services model enables it to offer depositors a low cost and more efficient alternative to traditional banks.
Naples, Fla., May 8th, 2023 – Sagicor Bank Barbados, the English-speaking Caribbean’s first fully digital bank, has gone live for customers in Barbados. The launch was delivered by Mbanq, the USA-based fintech innovator and global Banking-as-a-Service (BaaS) provider.
Mbanq’s BaaS solution is hosted in-situ in Barbados by Sagicor Bank Barbados. Mbanq provides the bank with the technology stack to operate at the peak of modern digital banking with easy-to-configure banking products and all required back-office and regulatory functionalities.
“Mbanq’s technology enables Sagicor Bank Barbados to bring cost-efficient, cutting-edge digital financial services to the people and businesses of Barbados,” said George Thomas, CEO of Sagicor Bank Barbados. “We focus on quality and Mbanq’s technology base allows us to deliver a superior customer experience. Additionally, a major fintech innovation and user enhancement sees Sagicor Bank Barbados as the only bank in Barbados to offer virtual debit cards and cardless transactions via our automated banking machines.”
With Mbanq’s comprehensive solutions, thoughtfully designed mobile apps streamline account opening to just a couple of minutes. Subsequently, the entire financial landscape opens to customers. Deposit and savings accounts, access to credit cards, auto loans and mortgages or making payments locally and internationally, can be done with the tap of a finger.
Sagicor Bank Barbados offers a full suite of banking services, including deposit and savings accounts, virtual and physical cards and a range of lending products including loans and mortgages. Customers are onboarded in minutes with immediate access to virtual cards and banking services via Android and iOS apps. Building on its stylish, user-friendly approach, the bank makes banking services easy to access, simple to use, safe, secure and rewarding.
“Sagicor Bank Barbados has launched a standout bank that allows retail customers and business organizations access to digital financial services extremely efficiently, without delays or undue costs,” said Lars Rottweiler, co-founder and CTO at Mbanq. “Sagicor Bank Barbados’ stylish app, focus on customer service and cost-efficiency means it is well positioned to offer outstanding service to communities and businesses in Barbados.”
Mbanq’s team worked closely with Sagicor Bank Barbados, both remotely and face-to-face, for technology development, training and continuous post-launch support, to deliver the project to the highest possible standard.
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About Mbanq
USA-based Mbanq is a world-leading Banking-as-a-Service (BaaS) and Credit Union-as-a-Service (CUaaS) provider and technology innovator. It provides a comprehensive ‘as-a-service' portfolio including compliance, lending, back-office, disputes and complaints, as well as customer-facing digital banking apps. www.mbanq.com
About Sagicor Bank Barbados
Sagicor Bank Barbados is a dynamic digital financial institution offering commercial banking services to personal and business clients. We provide unmatched benefits and convenience to clients in our portfolio supported by a diversely skilled team located in Barbados. We are leading the digital banking revolution by boldly presenting banking options that are easy-to-get, simple-to-use, safe and secure and rewarding. Find out more by visiting sagicor.bank,
Sagicor Bank Barbados is a wholly-owned subsidiary of Sagicor Financial Company. Sagicor Financial Company is Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial services provider in the Caribbean, with over 180 years of history, and has a growing presence as a provider of life insurance products in the United States. Sagicor offers a wide range of products and services, including life, health, and general insurance, banking, pensions, annuities, and real estate. Sagicor Financial Company’s registered office is located at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with its principal office located at Cecil F De Caires Building, Wildey, St. Michael, Barbados. Additional information about Sagicor can be obtained by visiting www.sagicor.com