24/11/2023
Company based at Workbox Penzance wins major Candadian ‘open banking’ contract!
Praze Ltd, which employs four people, supplied the technology that won its partner Caspian One a competitive contract to deliver a new open banking app platform which can be used by around six million people in Canada.
Lewis Poe, the director (centre of photo) explained: “The idea is to help people escape the control of major banks and do their banking easily through a variety of not-for-profit banks and credit unions. Winning this contract shows that people like us can export services including financial technology all round the world from sunny Penzance. The new platform we developed was created out of the Workbox coworking space.
“Open banking is a major change to the financial system, helping to stop major banks monopolising the market. Customers own their own data and can securely share it with whoever they wish. So now they no longer have to print off bank statements and take them to a mortgage broker, for example. They can do things like this privately and securely online.
“We have been selected to provide this open banking digital capability to the entire Canadian Credit Union system, which at around six million Canadians represents 20% of their financial system.”
Tim Dwelly, Workbox Director, commented: “We are helping more and more people who live around here to work remotely and collaborate. Some run their own businesses, others are now getting jobs upcountry and worldwide. We offer full time access from as little as £130 a month. We’ve never been busier.
“We are really delighted for Lewis who has been a member here for many years. He and his team have worked their socks off to get their impressive technology picked up by major investors. We hope we can help many other people in Cornwall do something similar with their skills - exporting new ideas and services worldwide. Coworking spaces like the Workbox, with ultra fast fibre connections, are a key part of Cornwall’s economic future. More and more people will be able to earn much higher wages than they can get locally without moving away. The possibilities for young Cornish people are finally opening up without making an exodus. Others are returning home bringing their skills and jobs back to Cornwall with them.”
www.theworkbox.com
www.caspian-evolve.com
