Standard Chartered Ventures launches new BaaS fintech Audax
SC Ventures, Standard Chartered’s fintech investment arm, has launched Audax Financial Technology, its new Banking-as-a-Service (BaaS) offering.
Standard Chartered says Audax has been designed to help banks and financial institutions accelerate their digital transformation, pursue new digital business models, serve new customer segments and generate new revenue streams. It plans to do that by catering to banks in two use-cases – digital banking and BaaS.
Audax offers an end-to-end digital banking platform that caters to the entire customer lifecycle and can “efficiently handle millions of customer data concurrently”, SC Ventures claims. The platform can handle client and staff interfaces, deposits and lending products, client servicing and data reporting.
Additionally, the platform is “infrastructure-agnostic”, meaning it can complement banks’ core systems without the need for “costly and time-consuming” migration or in-house development.
Audax will also helm Standard Chartered’s BaaS proposition, SC nexus, through which it claims to be the first global bank to provide BaaS in Asia. SC counts Bukalapak, an Indonesian commerce platform, as one of its successful partnerships.
“Audax’s digital banking solutions will help financial institutions unlock more opportunities,” says Alex Manson, who leads SC Ventures.
“The successful partnership between Standard Chartered and Bukalapak to launch 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.”
Audax is headquartered in Singapore and is currently focusing on catering to the Asia Pacific (APAC) region. Kelvin Tan, the former managing director and global head of SC nexus, will lead Audax as its CEO, retaining most of his incumbent team.