Standard Chartered ADR'sSCBFY innovation, fintech investment and ventures arm, SC Ventures,launched a digital banking technology solutions provider, Audax Financial Technology.
Singapore-headquartered Audax's goal is to push banks deeper in their digital transformation by creatingnew business models, servingnew customer segmentsand seeking new revenue avenues.
The platform can deal with client and staff interfaces, deposits and lending products, client servicingand data reporting.The new company also has the capability to carry on seamless solutions for banks without the need to migrate from theirexisting core systems or any in-house developments.
Even as a home-grown global technology company with an initial focus in the APAC region, Audax will continue to serve Standard Chartered in a commercial capacity by powering its Banking-as-a-Service (BaaS) proposition, SC nexus, for current and future partnerships.
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The business-to-business to any-end-user (B2B2X) market is expected to reach $440 billion in annual revenues by 2030 led by growth in financial infrastructure, digital bankingand embedded finance space. This is surely to benefit the companys growth opportunities.
Before its official launch today (Thursday, Sept. 21), Audax Financial Technologypowered Standard Chartered nexus, a white-label plug-and-play BaaS offering for large ecosystem players. Standard Chartered was the first global bank to provide BaaS in Asia.
Other collaborations include: Audax Financial Technologyentered a commercial partnership with the Indonesian all-commerce platform Bukalapak to launch BukaTabungan for its 150 million users and 20 million business owners. The nexus enabled users to simplify their digital account openingto be as fast as two minutes.
SC nexusassisted beauty e-commerce platform, Sociolla for setting up digital banking for their customers. And, the company is set to partner with a third company targeted for launch in the fourth quarter of 2023.
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