Republic Bank Agrees To Acquire Stake In Nobis BaaS

Port-of-Spain, Trinidad, October 3, 2019: Republic Bank Limited has agreed to acquire a 19.99% equity stake in Caribbean FinTech Nobis BaaS Limited, a subsidiary of WiPay Holdings Limited, subject to regulatory approval. As it continues to boost its digital portfolio and bring first-to-market payment solutions to an increasingly digital consumer, this move is part of Republic Bank’s strategy to accelerate its efforts towards digital transformation, and it is an example of how FinTech firms and banks worldwide are revolutionizing the global financial ecosystem together.

eCommerce is growing regionally and internationally, driven by growth in smartphone penetration and increasing high speed internet access. Republic Bank’s relationship with Nobis BaaS will supplement its traditional banking operations with innovative, user-friendly FinTech products that will enhance the customer experience, generate new business and drive revenue growth.

Republic Bank’s Managing Director, Nigel Baptiste said the partnership is firmly rooted in the Bank’s tradition of driving innovation and excellence. He added, “Republic Bank is committed to delivering the next generation banking experience to the consumer. Our investment in Nobis BaaS will enable us to build an even better experience moving forward.”

Nobis BaaS’ software platform enables digital payments to be made online through web browsers or mobile apps and at retail points of sale. The platform brings added ease, convenience and security to payments on a wider scale, for both public and private sector organisations.

“This partnership can help solve industry-specific points of pain, like transferring money and processing loans quickly, and provides another option for online credit card processing. We are working with great enthusiasm to bring customer-centric innovation to Republic Bank on their journey toward digital transformation” says Aldwyn Wayne, CEO of Nobis BaaS and WiPay Holdings Limited.

By combining the stability, product variety, customer knowledge and financial strength of Republic Bank, with the data enrichment, user experience and modern platforms that Nobis BaaS can provide, this alliance between two organisations indigenous to the Caribbean, represents a deep commitment to delivering the highest standards of service to the region’s consumers while ensuring that the Caribbean continues to be part of the global digital payment solution landscape.