• Leveraging Jeel’s technology innovation with audax’s proven expertise to modernise banking, the parties are intending to modernise banking across Saudi Arabia as a first use case.
• Enabling rapid migration from legacy systems and flexible business models including Banking-as-a-Service (BaaS), digital banks, super apps, and open banking solutions.
• Facilitating ecosystem-wide integration to create new monetisation opportunities through real-time data access and seamless third-party partnerships.

RIYADH, 6 November 2024 – Jeel, the digital innovation arm of Riyad Bank, and audax Financial Technology (“audax”), a comprehensive digital banking technology solutions provider backed by Standard Chartered, have entered into a strategic partnership aimed at revolutionising the digital banking landscape in Saudi Arabia. The partnership brings together Jeel’s forward-thinking digital technology as an enabler of digital innovation, and audax’s proven track record as a solutions provider as the comprehensive plug-and-play banking solution powering Asia’s first Banking-as-a-Service (BaaS) offering by a global bank. This partnership offers a suite of comprehensive solutions for banks, financial institutions and non-bank entities in Saudi Arabia, with an initial focus on enabling advanced business models such as digital banks, BaaS, super apps, and open banking solutions.

Saudi Arabia’s financial sector is undergoing rapid transformation as part of Vision 2030, with a growing market for digital banking solutions driven by a tech-savvy population. The urgency of digital transformation is clear – banks must modernise to remain competitive in a fast-evolving economy, projected to reach $1.1 trillion in GDP by the end of 2024. The surge in digital wallets, from 315,000 users in 2018 to over 17 million by 2022, along with the rapid rise of real-time payments, emphasises the immediate demand for innovative, scalable banking models.

With initiatives like the SAR 300 million fintech-focused fund and the National Technology Development Program (NTDP) providing crucial funding and support for start-ups, the urgency of digital transformation in banking is increasingly clear. These measures highlight the opportunity for banks to modernise and capitalise on the significant potential created by Vision 2030, positioning them to compete and thrive in a rapidly evolving financial landscape.

While banks serve as the first application, these offerings are adaptable for other financial institutions and non-bank entities, allowing for seamless integration into a variety of ecosystems and extending the benefits of digital transformation beyond traditional banking.

In the shorter term, institutions in Saudi Arabia will benefit from rapid migration from legacy systems, unlocking new digital capabilities and flexible business models. Through easy integration with third-party vendors and ecosystem players, clients will be able to offer innovative services such as open banking solutions and BaaS use cases such as Cards-as-a-Service and Wallets-as-a-Service. This flexibility positions them to compete with digital-native challengers, drive customer acquisition, and improve operational efficiency.

In the longer term, the partnership between Jeel and audax will allow Saudi Arabia’s institutions to leverage a wealth of data across their ecosystems, creating new revenue streams and business lines. This includes opportunities such as real-time underwriting through third-party data access, cross-selling products through contextual offers, and even expanding into fee-based services such as KYC-as-a-Service and real-time data provision to consumer and SME-focused companies.

George Harrak, CEO of Jeel, added: “At Jeel, we are committed to driving innovation and technological digital advancement. Our collaboration with audax enables us to deliver pioneering digital solutions that will enhance the agility and scalability across Saudi Arabia and the region. By integrating our cutting-edge technology with audax’s proven platform, we can accelerate the digital transformation of our customers, including banks, financial institutions and non-bank entities, and provide them with the tools they need to thrive in an increasingly competitive market.”

Kelvin Tan, CEO of audax Financial Technology, commented: “We are excited to bring our proven digital transformation capabilities to Saudi Arabia through this partnership. By working with Jeel, we aim to accelerate the pace at which Saudi institutions can modernise and scale their digital offerings, ensuring they remain competitive in the evolving business landscape. Our partnership will empower them to launch cutting-edge solutions quickly and efficiently, creating new revenue streams and improving operational resilience.”

About Jeel

As the digital innovation arm of Riyad Bank, Jeel is dedicated to pioneering technological advancements and delivering cutting-edge solutions that shape the future of technology. With a focus on enhancing the digital experience for its customers, Jeel is at the forefront of innovation in the financial industry.

For more information, please visit www.jeel.net and follow Jeel on LinkedIn.

About audax Financial Technology

audax Financial Technology is a comprehensive digital banking solutions provider empowering banks and financial institutions to scale and modernise at speed. audax Financial Technology has enabled new business models and revenue streams for Standard Chartered under the SC nexus proposition, becoming the first global bank to provide Banking-as-a-Service in Asia.

For more information, please visit www.audax.io and follow audax on LinkedIn.

• Modernisation of existing infrastructure: Integrating dual-mode evolution with cloud migration services, institutions can seamlessly upgrade their digital banking systems alongside existing infrastructure and transition to scalable, secure cloud platforms, enabling them to serve millions of customers concurrently.
• Embedded finance with contextual banking solutions: Enabling banks and financial institutions to enhance their customer offerings by integrating financial services into partner ecosystems via Banking-as-a-Service (BaaS), targeting both underbanked populations and digitally savvy customers in mature markets.
• Streamlined implementation through combined expertise: Combining audax’s advanced digital banking technology with Synpulse’s integration expertise, banks can efficiently modernize, ensuring smooth system integration and rapid deployment of new technologies in as fast as six months.

SINGAPORE, 25 September 2024 – audax Financial Technology (“audax”), a comprehensive digital banking technology solutions provider backed by Standard Chartered, and Synpulse, a global professional services provider to major banking and insurance institutions, announced a strategic partnership to create tailored, customer-centric solutions for incumbent banks and financial institutions to modernise their existing infrastructure at speed.

This joint solution provides a dual-mode approach to banking infrastructure modernisation, designed to seamlessly coexist alongside the existing infrastructure of incumbent financial institutions. This eliminates the need for a complete overhaul, which can be a costly and time-consuming endeavour. For example, the joint solution by audax and Synpulse enables incumbent banks and financial institutions to transition their banking platforms to scalable, secure, and efficient cloud-based environments without disrupting their core operations. This modernisation of incumbent banking infrastructure empowers incumbents to serve millions of customers concurrently, enhancing their capacity to scale and adapt in a rapidly changing financial landscape.

While Europe enjoys high levels of financial access, with established institutions serving a largely banked population, the demand for embedded finance and contextual banking solutions is growing. Consumers expect seamless and integrated financial services, and with audax and Synpulse’s combined expertise, European banks can quickly meet these needs and tap into the rapidly expanding embedded finance market. In contrast, a substantial proportion of the population in Southeast Asia and the Middle East remains underbanked, with at least 70% in Southeast Asia and 60% in the Middle East lacking adequate banking services. audax and Synpulse enable these banks to rapidly launch BaaS propositions and provide essential banking solutions to the underserved communities. This breakdown of traditional silos creates new opportunities for banks, financial institutions, and their ecosystem partners to better meet the evolving needs of modern, digital-first customers across Southeast Asia, the Middle East, Europe and beyond.

Through the partnership between audax and Synpulse, banks and financial institutions can also look forward to:

1. The ability to build a Banking-as-a-Service (BaaS) proposition and integrate financial services directly into diverse digital ecosystems in as fast as six months.

2. Providing contextual financial services by leveraging a BaaS model, which enables a deeper understanding of customer data through ecosystem partnerships.

3. Seamless implementation through joint expertise, ensuring efficient modernisation with smooth integration with existing systems and accelerated deployment of new technologies, allowing banks and financial institutions to serve millions of customers concurrently.

“We are excited to combine audax’s expertise with Synpulse and bring to life this flexible, cloud-centric solution to infrastructure modernisation. Together, we look forward to enabling banks to future-proof their technology stack,” said Mike Breen, Chief Commercial Officer at audax. “By leveraging our combined strengths, we’re setting a new standard for agile, resilient banking infrastructure that paves the way for greater financial inclusion and service innovation. Our joint solution is set to play a crucial role in democratising access to financial services and fostering economic growth across the Southeast Asia and Middle East regions, while supporting European institutions in meeting the growing demand for embedded finance and modernisation of incumbent technology.”

Andreas Neidhart-Lau, Head of Retail & SME Banking APAC at Synpulse, added, “Our collaboration with audax marks a significant milestone in our commitment to helping financial institutions thrive in a rapidly changing landscape. This partnership is about more than upgrading systems; we’re accelerating the pace of innovation, creating operational efficiencies, and fostering more inclusive financial ecosystems.”

audax Financial Technology

audax Financial Technology is a comprehensive digital banking solutions provider empowering banks and financial institutions to scale and modernise at speed. audax has enabled new business models and revenue streams for Standard Chartered under the SC nexus proposition, becoming the first global bank to provide Banking-as-a-Service in Asia.

For more information, please visit www.audax.io and follow audax on LinkedIn.

Synpulse

Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries. We optimise the proximity to our clients and deep domain expertise to create sustainable value using technology as a business driver. Leveraging our strong network of over 100 ecosystem partners, we accompany our clients throughout their transformation journey – from strategy and development to implementation and management. With our tech powerhouse, Synpulse8, we collaborate with our clients to co-create digital experiences with innovative technologies and proprietary methods. Synpulse is powered by the passion and commitment of its more than 1200 employees, who come from over 30 countries.

Further information www.synpulse.com.