Central Pacific in Hawaii planning BaaS product

Central Pacific Financial in Honolulu plans to implement a Banking-as-a-Service (BaaS) strategy. 

The $7.3 billion-asset Central Pacific said in a press release Monday that Kevin Dahlstrom had resigned as its chief strategy officer to lead a fintech initiative being formed in partnership with the company tied to the BaaS effort. 

The company plans to disclose more details when it reports fourth-quarter earnings. 

“We’d like to thank Kevin for his leadership in our transformation to become a digital-first bank,” Paul Yonamine, Central Pacific’s chairman and CEO, said in the release. “We are excited to work together in the future through a new partnership.” 

Dahlstrom was chief marketing officer before being named chief strategy officer in October. Dahlstrom was succeeded at the company by Brandt Farias, who joined the company in June.