audax Financial Technology Qorus-Infosys Finacle Banking Innovation Awards 2024

The audax journey started by powering Standard Chartered nexus (SC nexus), Standard Chartered’s global BaaS offering, with the goal of solving scalability issues for retail and SME businesses and enabling financial inclusion in the ASEAN region. Powered by audax’s technology, Standard Chartered was the first global bank to provide BaaS in Asia. The successful partnership between Standard Chartered and Bukalapak in launching BukaTabungan is an example of how audax has provided a truly paperless, digital banking access, serving Bukalapak’s ecosystem of more than 150 million users and 20 million business owners, and enabling Standard Chartered to triple its customer base within 6 months.

The vision was not merely to drive transformation within Standard Chartered but to rewire the DNA of banking. As a result, SC Ventures launched audax, with the aim of offering its capabilities to banks and financial institutions globally.

audax is a comprehensive stack digital banking solutions provider empowering banks and financial institutions to scale and modernise at speed. We target banks and financial institutions looking to grow their retail banking and SME share, neobanks that wants to launch but require a technology stack, and non-fintech entities looking to offer closed-loop services.

audax presents a solution catering to three primary distinct use cases: Digital Banking, Banking-as-a-Service (BaaS) and modernisation of incumbent infrastructure. It boasts an end-to-end digital banking platform with modularised capabilities, designed to efficiently handle millions of customers concurrently. Through its plug-and-play digital banking solution, audax provides an end-to-end suite of banking capabilities and models for the entire client lifecycle, from client and staff interfaces to deposits and lending products to client servicing and data reporting.

Built to complement incumbent banks’ core systems where necessary, audax’s core banking and infrastructure-agnostic technology enables digital banking capabilities without the need for risky, costly, and time-consuming in-house development or migration.

Designed with multi-tenancy and simple partner onboarding in mind, the platform can serve millions of customers concurrently and can be deployed rapidly. Incumbent banks can utilise use our solution, setting up one instance per country and seamlessly integrating multiple partners.

The audax platform places strong emphasis on adhering to local security and compliance regulations. Through rigorous assessments and approvals, we ensure compliance with all applicable legislations. Additionally, the platform facilitates the connectivity of ecosystems, fostering mutual information exchange and data sharing between our client bank and its partners. This collaborative approach enhances user experience and facilitates the creation of valuable data products.

Our platform also incorporates a modern data lake for real-time and offline analytics. We believe that the audax platform stands to serve both banks and their partners more effectively by understanding customer behaviours and habits and providing a truly customised offering.