SC Ventures , the fintech investment and ventures arm of Standard Chartered, has launched audax Financial Technology, a digital banking technology solutions provider. This launch was designed with the aim of empowering banks and financial institutions to accelerate their digital transformation, deliver new business models, serve new customer segments, and derive new revenue streams. As the press release highlights, the business-to-business-to-any-end-user (B2B2X) market is expected to reach USD 440 billion in annual revenues by 2030.

This is driven by advancements in the financial infrastructure, digital banking, and Embedded Finance space. Therefore, audax intends to play a part in this growth market by helping incumbent banks in two distinct use cases: digital banking and Banking-as-a-Service (BaaS). audax provides an end-to-end digital banking platform with modularised capabilities that are designed to efficiently handle millions of customer data concurrently.

Its plug-and-play solution serves the entire client lifecycle, including client and staff interfaces, deposits and lending products, and client servicing and data reporting. Designed to work alongside incumbent banks’ core systems, audax’s infrastructure-agnostic technology also enables banks to pursue digital transformation without the need for costly and time-consuming in-house development or migration. Enhancing digital banking capabilities Prior to launch, audax’s solution powered Standard Chartered nexus, a white-label plug-and-play BaaS offering for large ecosystem players.

By leveraging audax’s technology, Standard Chartered nexus enabled BukaTabungan (an Indonesia-based partner) to simplify its digital account opening journey. Customers do not have to visit a physical branch or speak to a banker to complete an application, thereby increasing efficiency. This is achieved through audax’s automation and security technologies that employ artificial intelligence, biometric facial recognition, and E-KTP (Indonesia’s biometrics-enabled ID programme) validation. With audax’s platform, SC nexus is expected to help Sociolla, a beauty ecommerce platform, set up digital banking for its customers.

More about SC Ventures and audax SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in financial technology, as well as explore alternative business models. Headquartered in Singapore, audax aims to become a home-grown global technology company. The fintech is focused on accelerating the technology ecosystem starting with the APAC region. Its current mission is to empower banks and financial institutions to scale and modernise at speed with audax’s digital banking capabilities.

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