HassemPrag, 10x Banking partner to digitize African banks

Cloud-native banking platform 10x Banking has announced a strategic partnership with African digital banking and orchestration platform HassemPrag.

The partnership will combine UK-based 10x Banking’s core banking platform with South African-headquartered HassemPrag’s integration capabilities and regional expertise to deliver a unified banking solution to replace legacy core banking technology. 

The companies claim this will enable African banks to modernize and increase the speed and scalability with which they can bring new products to market. 

The companies said in a joint statement that banks across the African continent are facing a combination of pressures, with evolving local regulations, rising fintech competition and spiraling costs of maintaining legacy technology. 

Due to this, core infrastructure investments are rising across the region, with the core banking software market in the Middle East and Africa expected to reach a projected revenue of almost $2.2 billion by 2030, according to data from Grand View Horizon.

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“Across Africa, the perceived risk of change has held banks back from much needed core modernization. Our partnership with 10x Banking changes the equation by providing a unified digital banking platform that’s fast to deploy and proven at massive scale,” HassemPrag CEO Jayesh Prag said.

Prag believes banks need a “de-risked path to transformation” and said the partnership with 10x Banking will help offer that. 

“In turn, African banks will now be able to slash the time-to-market for new products that improve how individuals and businesses across this high-growth region manage their money,” he added.

Upgrading core banking technology 

“The unified digital banking platform will feature a modular architecture, allowing banks to upgrade incrementally, without a risky ‘rip-and-replace’ of their existing core, taking out the uncertainty that comes with traditional core banking transformations,” the companies explained in a statement. 

The partnership with HassemPrag extends 10x Banking’s presence in Africa, where it is already working with Old Mutual’s digital bank offering OM Bank in South Africa. Other 10x Banking customers include Chase UK and Westpac.

HassemPrag’s customers include Absa, FNB, Bidvest Bank and NBS Bank.  

“This partnership is about giving African banks the ability to modernize at full speed without the risks, high costs and downtime that normally come with full-scale transformation,” said Antony Jenkins, founder and CEO of 10x Banking.

“We’re enabling institutions to move away from legacy constraints and build smarter, more inclusive propositions for their customers,” Jenkins added.