SC Ventures, the innovation and fintech investment arm of Standard Chartered, has unveiled audax Financial Technology. This digital banking tech solutions provider is crafted to bolster banks and financial institutions, facilitating them to expedite their digital transformation, offer innovative business models, and generate fresh revenue streams.
The business-to-business to any-end-user (B2B2X) market is anticipated to soar to a whopping USD440 billion in yearly revenues by 2030, driven by the progress in financial infrastructure and digital banking. audax aims to seize a portion of this burgeoning market by aiding incumbent banks with two unique applications: Digital Banking and Banking-as-a-Service (BaaS).
Equipped with a comprehensive digital banking system, audax offers a plug-and-play solution that oversees the entire client life cycle. This encompasses facets from client interfaces to deposits and product lending. Its technology is infrastructure-agnostic, enabling banks to undergo digital shifts without the hassles of costly in-house developments.
audax’s technology previously powered Standard Chartered nexus (SC nexus), a BaaS solution for vast ecosystem players. Through SC nexus, partnerships like with Indonesian platform Bukalapak have been initiated. audax’s innovations have condensed digital account initiation to a mere two minutes, eradicating the need for physical branch visits. Such feats are achieved with audax’s state-of-the-art automation and robust security features.
Alex Manson, who heads SC Ventures, lauded audax’s solutions, emphasizing its paperless, digital banking approach. The collaboration between Standard Chartered and Bukalapak, serving a vast ecosystem, demonstrates audax’s prowess and potential partnerships with platforms.
With its base in Singapore, audax has its sights on becoming a prominent global tech entity. The fintech’s primary goal is to invigorate the APAC region’s technology ecosystem, empowering financial entities with its unmatched digital banking expertise.
Kelvin Tan, previously the Global Head of SC nexus, will spearhead audax as its CEO. Tan expressed audax’s commitment, the name signifying ‘courage’, to redefine boundaries in the digital banking sphere. Through audax, banks and financial institutions worldwide are poised to harness greater business value without jeopardizing their existing assets.