Standard Chartered, through its corporate venture Audax, received the Silver Qorus-Accenture Banking Innovation Award in the Beyond Core Banking Offerings category for Nexus, its Banking-as-a-Service (BaaS) solution. We discuss this project with Audax's CEO, Kelvin Tan.
Can you introduce yourself and tell us more about your role at Standard Chartered and audax?
I am Kelvin Tan, the CEO of audax Financial Technology, a corporate venture backed by Standard Chartered Bank. In my multifaceted role, I not only steer the rapid deployment and scaling of digital banking solutions, establishing audax as a pivotal player in the financial services landscape, but also provide strategic direction and leadership for the company. My responsibilities span client engagement, investor relations, and navigating new market entries. Working closely with our dynamic teams across multiple verticals such as technology and product development, I ensure that audax remains at the forefront of technological innovation, providing thought leadership to, and consistently meeting the evolving needs of, our clients and the financial services industry in general.
My journey with Standard Chartered has been marked by notable achievements, including the conceptualization and delivery of Standard Chartered nexus, a market-first banking-as-a-service (BaaS) business, to the full operationalization of audax, a comprehensive banking technology stack to serve banks and financial institutions in the use cases of digital banking and BaaS. From my early roles in Transaction Banking to later ventures into Retail Products and Payments, I've led cross-functional, cross-border teams, delivering innovative capabilities like Apple Pay, Samsung Pay and Google Pay.
With a global presence recognized by features in BBC and Forbes, as well as engagements at prestigious events such as Finovate Asia, Singapore FinTech Festival, IBF, and Money 20/20, I bring a wealth of experience to the forefront of audax's strategic endeavors.
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What made you most proud of the Standard Chartered nexus project?
What made me most proud of Standard Chartered nexus was proving skeptics wrong and successfully pitching and building it from scratch, culminating in the groundbreaking launch of BukaTabungan, a digital banking service in collaboration with our clients, Standard Chartered Indonesia, and their partner, Bukalapak.
The exceptional outcomes of this partnership, such as achieving a fully digital onboarding journey in just two minutes and acquiring 98% new-to-bank customers, not only substantiated my belief in the transformative power of banking-as-a-service but also showcased how innovative approaches can revolutionize the banking industry. It was a moment of validation, affirming the potential of BaaS to redefine banking experiences, making financial services more accessible, scalable and aligned with the evolving needs of consumers.
What was your greatest achievement in making it happen?
My greatest achievement in bringing Standard Chartered nexus to fruition was assembling a dynamic team of individuals who seamlessly blended diverse skill sets and expertise. I strategically brought together professionals well-versed in navigating the intricacies and regulations inherent in banking. Simultaneously, I recruited top-tier tech talent, fostering an environment where innovation could thrive. Orchestrating the collaboration between these two essential components – banking acumen and technological innovation – was instrumental in developing and implementing a groundbreaking BaaS solution. This achievement underscores my leadership in fostering collaboration and synergy, ensuring that the team collectively delivered on the transformative vision of Standard Chartered nexus.
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What is the most important thing you would tell someone considering embarking on a similar project?
Above anything else, a tremendous amount of resilience. You will be told NO or IT CANNOT BE DONE, at multiple intervals. You need to be able to get up and get around obstacles and keep the endgame in mind.
Having a broad and long-term goal in mind from the outset is fundamental when embarking on a project of this magnitude. It guides the endeavor towards sustained success and relevance amid the dynamic landscape of the banking industry.
Such an approach is imperative for crafting a solution that is not only flexible but also comprehensive, capable of being tailored to the diverse needs of various clients and markets. As the project gains traction, the initial scope may expand, encompassing a broader target audience with differing requirements.
This forward-thinking strategy ensures the solution can seamlessly cater to evolving needs without necessitating substantial reconstruction.
What's coming next for the SC nexus project?
We're thrilled to share that there are upcoming partnerships for our client, Standard Chartered, with two prominent ecosystem players, announcements of which are slated for the first half of 2024. Notably, one of these partnerships marks our foray into a second market, expanding the reach and impact of our BaaS solution for our client.
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What would you say to companies that might consider entering the 2024 Banking Innovation Awards?
I would enthusiastically encourage companies contemplating entry into the 2024 Banking Innovation Awards to leverage this platform as an invaluable opportunity to showcase their groundbreaking innovations.
It's a chance to contribute to the broader discourse on shaping the future of banking, sharing insights and experiences that can inspire and elevate the industry as a whole. The awards not only celebrate achievements but also provide a spotlight for transformative initiatives, fostering a culture of innovation and excellence.
Embracing this opportunity allows companies to position themselves as leaders in driving positive change and to share their success stories with a wider audience, making a lasting impact on the landscape of banking innovation.
What does this award mean to you and your innovation team?
This award is an affirmation for our innovation team, signifying the realization of our vision to revolutionize the banking industry. It acknowledges the dedicated efforts and ingenuity of our team in pushing the boundaries of what's possible in banking innovation.
Winning this award is not just a recognition of our achievements; it serves as a testament to our commitment to transforming the industry and creating solutions that make a meaningful impact. It inspires and fuels our team to continue pushing the envelope, knowing that our innovative endeavors are making a substantial contribution to the evolution of banking practices and customer experiences.
Qorus members can access a complete feature including a detailed presentation of all the winners here
