Following this announcement, the company will begin its expansion in the region of South Africa. At the same time, 10x Banking will provide its suite of solutions and expertise in order for it to be adopted by major financial solutions organisations, such as Old Mutual. This process will continue with the development of new tools that will drive financial inclusion for multiple unbanked communities in the region.
10x Banking’s partnership with Old Mutual is expected to provide secure and efficient solutions for customers who have bank accounts but are critically underserved, with day-to-day management needs that are usually not being met by present offerings. Thus, the collaboration will prioritise the process of optimising the manner in which clients face those challenges and difficulties, meeting their preferences and demands in an ever-evolving industry while remaining compliant with the laws and regulations of the market.
Throughout this agreement, the companies will focus on overall economic growth, as the strategy is focused on providing half a billion people on the continent with access to mobile internet, as well as a platform for them to make payments, secure loans to purchase homes or start a business, and source financial advice or knowledge. In addition, the process is expected to open up a secure and efficient set of opportunities for the underbanked and unbanked, with the overall acceleration and optimised economic development.
10x Banking had multiple collaborations and product launches in the last couple of months, covering several geographic areas across the globe.
In January 2024, 10x Banking secured a new funding round, which was aimed to capitalise on the significant momentum in the core banking market. Following this announcement, the funding round marked an important step in the firm’s strategy to optimise and accelerate the growth and development of the banking industry through leveraging secure and efficient technology, as well as optimised financial services.
Earlier in the same month, 10x Banking announced its partnership with Mast in order to provide real-time services for the UK mortgage market. Throughout this strategic deal, the companies were expected to enable real-time connectivity between their systems. At the same time, an API integration guide on 10x Docs was also released, which offered UK mortgage lenders a quick, secure, and simple integration path.
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