BaaS is reshaping how banks are looking at distributing their products and services. In the simplest fashion, it can be understood as the partnership model between banks and non-bank businesses and/or fintechs where the latter embeds the financial service into its core offering.As the global economy is turning increasingly digital, concepts such as Embedded Finance, Embedded Banking and BaaS are redefining how financial services are offered and how they are consumed. This article explains these basic concepts, clarifies what it is not, throws light on some of the players in this area, and calls out what the banks need to do continue to stay relevant in the new-age economy and exploit opportunities for exponential growth.