SC Ventures Unveils audax Financial Technology: New BaaS Solutions

In a strategic move towards advancing the realm of digital banking, SC Ventures, the innovative fintech investment and venture incubation arm of Standard Chartered, has introduced audax Financial Technology, as stated by Finextra News. This groundbreaking digital banking technology solutions provider promises to redefine the way banks and financial institutions approach their digital transformation endeavors.

Audax Financial Technology, conceptualized as a plug-and-play digital banking tech stack, aims to empower financial entities to not only expedite their digital evolution but also usher in novel business models, cater to untapped customer segments, and unearth fresh streams of revenue. At its core, audax presents a comprehensive suite of banking capabilities spanning the entire client lifecycle. Moreover, it offers infrastructure-agnostic technology, facilitating the seamless integration of digital banking features into the existing infrastructures of incumbent banks.

The genesis of audax follows the triumph of Standard Chartered’s implementation of the foundational tech stack via its collaboration with Indonesian e-commerce behemoth, Bukalapak. Spearheading audax as its CEO is Kelvin Tan, former Managing Director and Global Head of SC nexus, along with his accomplished team. Tan expressed his enthusiasm for pushing the boundaries of what’s deemed achievable, highlighting audax’s ability to demonstrate the potential of Banking-as-a-Service (BaaS) and its role in scaling Standard Chartered’s digital business. He emphasized how audax enabled the acquisition of new-to-bank customers at a fraction of the conventional customer acquisition costs.