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The Transformation of the Singapore BaaS Industry

Posted on by Abigail Ang
Blog

The Transformation of the Singapore BaaS Industry

audax

6 August, 2025


“audax offers a modular and API-driven BaaS platform, empowering banks, FinTechs, and businesses beyond the financial services industry to seamlessly embed banking services into their own products and ecosystems.” – Dewi Rengganis, Senior Industry Analyst
Singapore’s BaaS industry is witnessing rapid growth, driven by an increasing demand for digital payment and embedded finance solutions across various sectors, including retail, eCommerce, travel, and transportation. These businesses integrate financial capabilities into their portfolios to enhance customer experience and drive revenue growth. Furthermore, initiatives by the Monetary Authority of Singapore (MAS) to foster innovation through cashless programs and open banking solutions act as catalysts for the growth of the payment and BaaS market. Projects such as Project Nexus, which facilitates real-time cross-border payments between Southeast Asian countries, exemplify the country’s commitment to simplifying cross-border transactions and accelerating the adoption of payment and BaaS solutions.

The latest Frost & Sullivan analysis indicates that the Asia-Pacific BaaS market size is forecast to achieve rapid growth, with a compound annual growth rate of 21.7% between 2024 and 2030, and is on track to reach $20.6 billion by 2030.1 The Asia-Pacific is the world’s fastest-growing market in BaaS and embedded payments, with Singapore at the forefront of FinTech innovation due to its favorable digital financial services policies, established financial services landscape, and high internet penetration rate of 98% in 2025. Frost & Sullivan expects BaaS and payment service providers to focus on consolidating their operating footprint, especially in emerging Asia-Pacific markets. The Asia-Pacific-first strategic approach, buoyed by key factors such as the FinTech ecosystem in these countries, presents a greenfield for expansion. The adoption of digital technologies, combined with the demand for accessible financial services, creates growth opportunities.

Market Disruption and Market Gaps

“audax’s platform enables banks and financial institutions to launch new digital banking business models, from building digital banks to enabling Banking-as-a-Service offerings, all while modernising without disrupting existing systems.” – Dewi Rengganis, Senior Industry Analyst

Founded in 2023 and headquartered in Singapore, audax is a FinTech company backed by Standard Chartered, transforming how digital banking is built and scaled across Asia and the Middle East. Originally developed as an internal innovation within Standard Chartered (under the name SC nexus), audax was spun off by SC Ventures (Standard Chartered’s fintech and innovation arm) to operate as an independent entity.

audax offers a modern, end-to-end digital banking platform that enables banks and financial institutions to design and deploy new digital banking models – from launching standalone digital banks to embedded financial services within partner ecosystems. Its cloud-native, modular and core-agnostic architecture allows for rapid deployment, co-existence with legacy systems, and scalability across markets.

Built on the experience of powering Standard Chartered’s BaaS deployments in Asia, audax’s full-stack digitalisation capabilities allow clients to accelerate time-to-market, reduce operational complexity, and deliver superior user experiences. In Indonesia, audax enabled the launch of BukaTabungan, a fully digital banking service by Standard Chartered and Bukalapak that is embedded within the Bukalapak ecosystem. The initiative tripled the bank’s customer base within six months, with 98% of the users being new to bank.

With a proven track record in Southeast Asia, audax is now expanding into high-growth markets such as the Middle East. Its infrastructure is tailored for interoperability across complex core banking systems and ecosystem partners, helping institutions modernise, participate in open banking, and unlock new revenue models.

While traditional banks are constrained by legacy limitations, and many fintechs struggle with integration and scale, audax bridges the gap – offering a compliant, scalable, and core-agnostic platform purpose-built for digital banking at speed and scale.

Passionate Persistence and Competitive Differentiator

audax’s transformative technology is the result of relentless innovation and a clear-eyed focus on modernising digital banking from the ground up. Its digital banking platform is designed to eliminate the inefficiencies of legacy infrastructure, such as integration complexities, legacy system dependencies, and substantial upfront costs, enabling clients to operate more efficiently and accelerate time-to-market.

This plug-and-play capability is a critical competitive differentiator. Unlike many emerging digital banking solutions that require heavy customisation or internal development, audax provides an infrastructure-agnostic platform that seamlessly integrates into existing environments.

To deliver even greater value, audax partners with best-in-class technology providers, such as FPT, Paymentology and AWS, to complement its digital banking platform with capabilities like payments processing and cloud infrastructure. These strategic collaborations enhance delivery and go-to-market, enabling a more holistic and integrated digital banking experience.

audax’s flexible, future-ready approach resonates with forward-looking institutions seeking sustainable digital banking transformation – reinforcing its position at the forefront of next-generation digital banking and BaaS innovation.

Brand Equity and Customer Ownership Experience

audax’s success in enhancing brand equity and deepening customer ownership experience is demonstrated through its strategic deployments with top-tier institutions, such as Standard Chartered in Indonesia, Maybank Islamic (a Malaysian Tier 1 bank), and Jeel by Riyad Bank in Saudi Arabia. The launch of BukaTabungan, a fully digital banking service by Standard Chartered embedded within the Bukalapak ecosystem, perfectly illustrates audax’s ability to enable ecosystem-led distribution at scale. By embedding banking directly into Bukalapak’s highly engaged user base, audax helped Standard Chartered acquire customers at scale and significantly lower cost, achieving rapid market penetration in a cost-effective, fully digital manner.

The speed and success of deployments like BukaTabungan stem from audax’s commitment to seamless ecosystem integration. By designing its platform for interoperability, audax enables banks to digitalise at pace – whether launching embedded finance propositions or full-stack digital banks.

With growing traction in Southeast Asia and the Middle East, audax is building a scalable digital blueprint for digital banking deployments, driving both its own growth and broader FinTech innovation in the regions.

Conclusion

Frost & Sullivan applauds audax’s unique ability to address critical market gaps by delivering a comprehensive digital banking solution that enhances scalability, flexibility, and adaptability to diverse markets, catering to the evolving needs of financial institutions.

audax clearly differentiates itself through: i) Advanced, infrastructure-agnostic technology that modernizes legacy systems, ii) A commitment to customer-centric design and operational agility, and iii) Strategic partners that amplify the platform’s reach and impact. By enabling businesses to create new revenue streams, reduce complexity and adapt to changing market conditions, audax is redefining what’s possible in digital banking and embedded finance.

For its strong overall performance, audax earns Frost & Sullivan’s 2025 Singaporean Transformational Innovation Leadership Recognition in the Banking-as-a-Service industry.

FPT and Standard Chartered-Backed audax Financial Technology Announce Strategic Partnership, Targeting 100M USD Revenue

Posted on by Man Ting Koh
Press Release

FPT and Standard Chartered-Backed audax Financial Technology Announce Strategic Partnership, Targeting 100M USD Revenue

audax

FPT and audax Financial Technology Announce Strategic Partnership, Targeting 100M USD Revenue

2 July, 2025

  • Targeting USD 100M Revenue: FPT and audax Financial Technology aim to generate USD 100 million in revenue over the next three years, driving digital banking innovation across Asia Pacific and the Middle East.

  • Strategic Regional Partnership: FPT becomes audax’s partner in Asia Pacific and the Middle East, providing expertise in cloud-native development, testing, and long-term operational support to accelerate digital banking transformation.

  • Empowering Financial Inclusion: By leveraging audax’s plug-and-play digital banking platform and FPT’s robust integration capabilities, the partnership will empower financial institutions to modernize legacy systems, adopt Banking-as-a-Service, and drive financial inclusion across underbanked populations.
FPT and Standard Chartered-backed audax Financial Technology announce a strategic partnership to drive digital banking transformation and financial inclusion across APAC and the Middle East.

HO CHI MINH CITY, Vietnam, [2 Jul 2025] – Global IT services provider FPT has formed a strategic alliance with audax Financial Technology (audax), a comprehensive digital banking technology solutions provider backed by Standard Chartered. This partnership aims to deliver scalable, secure, and innovative digital banking experiences to financial institutions across the fast-growing Asia Pacific and Middle East regions, with a target revenue of USD 100 million over three years.

Under this agreement, FPT becomes audax’s largest regional partner in Asia Pacific, taking on a key role in development, testing, deployment, and long-term operational support. The partnership combines audax’s plug-and-play digital banking platform with FPT’s deep capabilities in cloud-native development, microservices architecture, DevSecOps, and agile delivery. With significant portions of the population in Asia Pacific remaining underbanked, this joint offering empowers financial institutions to modernise legacy systems and enhance new ones, while adopting innovative models such as embedded finance and Banking-as-a-Service to drive financial inclusion and meet the growing demand for digital financial services.

This strategic partnership positions FPT and audax to strengthen their presence in the digital banking solutions market in Asia Pacific and the Middle East, two of the world’s most dynamic fintech regions. The Asia Pacific digital banking market is projected to surge by 110%, reaching USD 360 billion by 2030, while the Middle East digital banking market is expected to grow by 58%, hitting USD 2.6 billion by 2030. These figures underscore the immense potential for innovation and growth.

Pham Minh Tuan, FPT Software Chief Executive Officer and Executive Vice President, FPT Corporation stated: “Fintech is reshaping the global financial services landscape, and there is a growing demand for trusted partners capable of delivering and scaling innovative, AI-enabled solutions. Building on our nearly three decades of experience in the financial services domain, and a longstanding partnership with Standard Chartered Ventures across multiple strategic projects, we will accelerate digital banking transformation and help our customers expand access to secure, future-ready financial services.”

Kelvin Tan, Chief Executive Officer at audax highlighted: “We’re excited to join forces with FPT to deliver a flexible, cloud-native solution that meets the evolving needs of banks. Together, we’re setting a new benchmark for agile banking infrastructure, helping institutions modernise quickly and efficiently while driving financial inclusion. This partnership supports our vision to lead the digital transformation of banking, enabling financial institutions to scale, unlock new growth opportunities, and stay ahead of the curve with innovative business models that drive financial inclusion.”

David Nguyen Tran Hung, FPT Software Senior Vice President and FPT Asia Pacific Chief Executive Officer, FPT Corporation, added on: “This strategic alliance marks a defining milestone in our pursuit to accelerate the digital transformation of the financial services industry. By integrating our strengths, we are uniquely positioned to help banks future-proof their operations and unlock new revenue opportunities at scale. Fundamentally, this collaboration reflects a shared commitment to empowering financial institutions with the technologies required to thrive in a rapidly evolving digital economy.”

FPT and audax began their collaboration in 2023, with FPT supporting product development and market rollouts across Asia Pacific. The partnership has evolved from a product development and program-based engagement into a strategic, long-term alliance, reinforcing FPT’s expanding footprint in the fintech sector. In this sector, FPT boasts a workforce of 3,000 engineers, delivering innovative solutions to more than 200 clients worldwide.

About FPT Corporation

FPT Corporation (FPT) is a globally leading technology and IT services provider headquartered in Vietnam and operates in three core sectors: Technology, Telecommunications, and Education. Over more than three decades, FPT has consistently delivered impactful solutions to millions of individuals and tens of thousands of organizations worldwide. Committed to elevating Vietnam’s position on the global tech map and delivering world-class solutions for global enterprises, the Corporation focuses on five strategic areas: Artificial Intelligence, Automotive, Semiconductor, Digital Transformation, and Green Transformation. In 2024, FPT reported a total revenue of USD 2.47 billion and a workforce of over 54,000 employees across its core businesses.

For more information about FPT’s global IT services, please visit https://fptsoftware.com/.

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 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.

A New Blueprint for Southeast Asian Banking

Posted on by Wenting Chen
Blog

A New Blueprint for Southeast Asian Banking

audax

5 June, 2025

Southeast Asian banks are at a critical juncture. The region’s rapid digital transformation is evident in the dramatic shift from cash to digital payments, which now account for 50% of total transaction value. While urban centres race ahead with fintech innovation, areas beyond cities risk falling into a digital economic divide, unable to meaningfully participate in the digital economy despite having internet access.

With their established networks and trust, banks are uniquely positioned to bridge this digital divide – but only if they can modernise their technology infrastructure efficiently. The evidence suggests banks achieve optimal results when they focus on their core strengths – financial services and customer relationships – while partnering with specialists for technology infrastructure. This model not only accelerates innovation but also ensures that digital banking services can be deployed cost-effectively across both metropolitan and underserved areas.

The Hidden Cost of Fragmentation

Across Southeast Asia, traditional banks typically operate with a patchwork of systems cobbled together over decades. This fragmentation creates particular challenges in a region where cross-border transactions are commonplace and regulatory requirements vary significantly by country. While metro customers might tolerate system inefficiencies by switching between banking channels, customers in underserved areas often abandon digital banking altogether when faced with complex, unreliable systems. The real cost isn’t just financial – it’s the missed opportunity to serve all market segments effectively.

Beyond APIs: A Unified Approach

The complexity of Southeast Asia’s banking ecosystem demands more than simple API integration. Success in this region requires comprehensive solutions that seamlessly address local regulatory compliance and integration with regional payment systems. Leading platforms combine APIs, SDKs, and integrated channels into one cohesive system, enabling significant reductions in time-to-market and maintenance overhead.

The unified approach enables banks to rapidly deploy scalable services that work efficiently across all markets. Banks can now launch new business models in as little as six months when partnering fintechs offering such end-to-end digital banking platforms, making it economically viable to serve previously underserved markets without compromising on features or security.

Modernisation Without Disruption

Banks face the challenge of transitioning from legacy systems without disrupting operations. Successful strategies may employ parallel implementation, allowing banks to maintain their core systems while gradually modernising their infrastructure. This proves particularly valuable where traditional banking services remain essential while digital adoption grows.

This modernisation imperative extends beyond systems to user experiences. Banks must cater to vastly different user needs and digital literacy levels – from sophisticated mobile-first users to those new to digital banking. Success depends on interfaces that adapt to local constraints like internet connectivity while remaining accessible regardless of technical literacy or location.

Security, Compliance, and Data by Design

Southeast Asia’s regulatory landscape is uniquely complex, with each country maintaining distinct requirements for data localisation, privacy, and security. For example, Singapore’s Personal Data Protection Act (PDPA) allows for implied consent in some cases, while Indonesia’s PDP requires explicit, informed, purpose-specific, and recorded consent. Banks would require assistance to adapt their consent mechanisms to comply with each country’s regulations, potentially offering different consent options based on the user’s location.

Modern banking infrastructure requires embedded compliance controls and continuous monitoring that can adapt to changing compliance mandates across jurisdictions. Effective solutions should incorporate robust analytics capabilities to help banks understand and serve diverse market segments – from transaction patterns to channel preferences.

The Future of Banking Technology in Southeast Asia

Recent innovations in the region demonstrate how unified platforms can help banks serve diverse markets efficiently. Several global banks, including Standard Chartered, have successfully implemented Banking-as-a-Service solutions, proving that traditional institutions can innovate rapidly while maintaining consistent service quality across different market segments.

As Southeast Asia’s digital banking sector expands, banks face a clear strategic choice: focus on customer relationships and market growth while leveraging unified technology platforms. This strategic shift could help unlock the region’s US$38 billion digital banking opportunity while ensuring services reach all segments of society. The path forward for Southeast Asian banks lies in embracing comprehensive innovations that will unlock new opportunities across Southeast Asia’s burgeoning digital economy while bringing essential banking services to previously underserved communities.

Twin Engines, One Vision: How Malaysia and Indonesia are shaping the future of Islamic Finance in Southeast Asia

Posted on by Wenting Chen
Blog

Twin Engines, One Vision: How Malaysia and Indonesia are shaping the future of Islamic Finance in Southeast Asia

audax

29 May, 2025

Southeast Asia is fast establishing itself as a global hub for Islamic finance, driven by two key players – Indonesia and Malaysia. Together, they represent over half of the world’s outstanding sukuk, marking them as pivotal forces in the growth of the global Islamic finance industry.

In Malaysia, Islamic finance has become a cornerstone of the national economy, with Shariah-compliant assets now accounting for almost half of total banking assets. Indonesia, the world’s most populous Muslim-majority country, combines vast scale with a burgeoning fintech sector, creating an ideal environment for Islamic finance to flourish.

But today’s growth isn’t just about size – it’s about speed and adaptability. Islamic financial institutions are increasingly pressed to modernize. Legacy systems, fragmented infrastructure, and the challenge of integrating Shariah principles with digital innovation slow progress. To remain competitive, the sector must leap ahead of these obstacles and embrace tech-driven transformation.

Banking-as-a-Service (BaaS) offers an effective solution. By allowing institutions to offer advanced financial services through API-driven platforms without overhauling legacy systems, BaaS enables seamless and scalable integration of digital banking. With Malaysia and Indonesia leading the way in both technology and finance, the question remains: how will they shape the next phase of Islamic finance?

Malaysia – Leading the Charge in Islamic Finance

BaaS offers a clear path for institutions to modernize while staying true to their roots. It enables organizations like KAF Bank to introduce digital services alongside existing systems, significantly reducing time-to-market without compromising Shariah compliance. These platforms are designed with mobile-first consumers in mind, ensuring convenient, on-the-go access to financial services.

With strong regulatory support, Malaysia is seeing a resurgence in its Islamic finance sector, spurred by strategic frameworks and industry partnerships. For example, Bank Negara Malaysia’s inclusion of Islamic finance in its Financial Sector Blueprint 2022-2026 has further advanced value-based finance. Partnerships like the one between audax and Maybank Islamic are reshaping the industry, demonstrating how tradition and technology can work in harmony.

Thanks to its robust governance, progressive regulations, and the rapid adoption of BaaS, Malaysia is leading the way in digital Islamic finance. Its top ranking in the 2024 IFDI further underscores the country’s role in setting global standards where innovation and tradition thrive side-by-side.

Indonesia – Paving the Way for Financial Inclusion

Indonesia’s fintech scene is brimming with potential, yet it remains fragmented, especially when it comes to Islamic banking. While demand for Shariah-compliant services is on the rise, access remains uneven – particularly in rural and underserved areas, where banking infrastructure is lacking. This gap underscores the limitations of traditional banking models and highlights why scalable BaaS solutions are crucial to bridging Indonesia’s expansive archipelago.

BaaS makes it possible for banks and fintechs to deliver essential services like onboarding, payments, lending, and compliance through seamless APIs, driving rapid innovation. A prime example is audax’s collaboration with Standard Chartered and Bukalapak, which led to the creation of BukaTabungan – a digital banking service that offered savings accounts via a BaaS model. This initiative successfully tripled the bank’s customer base in just six months, with 98% of new customers coming from previously untapped segments.

This model offers a promising path for Islamic finance in Indonesia. By embedding Shariah-compliant services such as digital savings, investments, and zakat payments into everyday apps, BaaS can extend Islamic finance to millions who have been excluded from the formal system. Platforms like LinkAja Syariah are already making this vision a reality, demonstrating that BaaS isn’t just a digital solution – it’s infrastructure for nationwide financial inclusion.

Twin Engines, Unified Vision

While Malaysia and Indonesia are at different stages of development, they share a common goal: to drive the future of digital Islamic finance. Malaysia brings regulatory clarity and depth, while Indonesia offers unmatched scale and digital innovation. Together, these two nations are not just growing Islamic financial assets – they are revolutionizing how Shariah-compliant services are delivered in a digital-first world.

With strong regulatory support, thriving fintech ecosystems, and increasing consumer demand, both countries are poised for even greater innovation. From embedded finance to digital lending and micro-investments, both Malaysia and Indonesia are proving that regulation can drive innovation. Malaysia’s regulatory sandbox and its top IFDI ranking reflect its commitment to aligning technology with Shariah principles, while Indonesia’s FSTI framework does the same, embedding Islamic values into its digital finance strategy.

As both nations move forward, they set a powerful precedent: inclusive, technology-driven Islamic finance is not just possible – it’s already underway. Southeast Asia is no longer merely a growth market – it’s becoming the global benchmark for the future of Islamic finance.

SC Ventures launches audax Financial Technology to help financial institutions accelerate digital banking capabilities

Posted on by Wenting Chen
Press Release

SC Ventures launches audax Financial Technology to help financial institutions accelerate digital banking capabilities

audax

13 May, 2025

  • audax is designed to help banks compete in the digital age, pursue new digital business models, while complementing existing core systems
  • audax is the digital banking platform that powered the first global bank to offer Banking-as-a-Service (BaaS) in Asia
  • The launch follows audax’s successful commercialisation of its BaaS offerings for Standard Chartered with leading Indonesian all-commerce platform Bukalapak

SINGAPORE, 21 September 2023 – SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, launches audax Financial Technology (“audax”), a digital banking technology solutions provider. It is designed to empower banks and financial institutions to accelerate their digital transformation, deliver new business models, serve new customer segments and derive new revenue streams.

 

By 2030[1], the business-to-business to any-end-user (B2B2X) market is expected to reach USD440 billion in annual revenues, driven by advancements in the financial infrastructure, digital banking and embedded finance space. audax will 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 – from client and staff interfaces, to deposits and lending products, to client servicing and data reporting. Built to complement incumbent banks’ core systems, audax’s infrastructure-agnostic technology also enables banks to pursue modern digital transformation without the need for costly and time-consuming in-house development or migration.

 

Prior to launch, audax’s solution powered Standard Chartered nexus (“SC nexus”), a white-label plug-and-play BaaS offering for large ecosystem players. Through SC nexus, Standard Chartered Bank was the first global bank to provide BaaS in Asia. Successful partnerships, include Bukalapak, an Indonesian all-commerce platform. Using audax’s technology, Standard Chartered nexus enabled BukaTabungan to simplify its digital account opening journey to be as fast as two minutes, since customers do not have to visit a physical branch or speak to a banker to complete an application. This is achieved through audax’s advanced automation, plus 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 will help Sociolla, a beauty e-commerce platform, set up digital banking for their customers. audax is also slated to support SC nexus with its third partner in a second market, targeted to launch in Q4 of 2023.

 

“audax’s digital banking solutions will help financial institutions unlock more opportunities,” said 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. Going forward, audax can achieve the same for any other financial institution looking to partner with any platform.”

 

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.

 

Kelvin Tan, the former Managing Director and Global Head of SC nexus, will lead audax as its CEO, together with most of his incumbent team. audax will continue to serve Standard Chartered in a commercial capacity by powering its BaaS proposition, SC nexus, for current and future partnerships. Having navigated complex technical and regulatory environments within the ecosystem of a global bank and boasting a proven track record in driving client success through its external partnerships, the team is confident in helping incumbent banks achieve similar digital transformation results successfully.

 

“The meaning of audax is ‘courage’ – and that is exactly the defining characteristic of the team we’ve built and needed for what we are about to achieve,” Tan said. “We are excited to push the frontiers of what is considered possible. audax has showcased the potential of BaaS and how it has scaled the digital business for Standard Chartered, enabling them to acquire new-to-bank customers at a fraction of traditional customer acquisition costs. We are now ready to scale it for other banks and financial institutions globally, helping everyone create better value for their business without risking their existing estate.”

 

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.

 

SC Ventures

SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models. SC Ventures was established in 2018 as a new business unit to lead digital innovation and to invest in Financial Technology companies. It aims to scale breakthrough business models, having launched 30+ new ventures, 2,700+ fintech Bridge community and 22 portfolio companies under its belt.

For more information, please visit www.scventures.io and follow SC Ventures on LinkedIn.

 

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[1] Reimagining the Future of Finance (BCG & QED, 2023)

The future of payments in Singapore: From outages to innovation with BaaS

Posted on by Wenting Chen
Blog

The future of payments in Singapore: From outages to innovation with BaaS

audax

The BaaS model will enhance the payments landscape by reducing technical debt, boosting agility, and scaling without compromising legacy systems.

In today’s world, seamless payment transactions for daily essentials like food, transportation, and housing are expected. Yet, some of the most commonly used payment systems appear disconnected,, clunky, rife with technical issues and fraud – rampant in everyday life. In October 2023 alone, 2.5 million transactions were affected by bank outages in Singapore and 810,000 attempts to log in to digital banking accounts failed.

 

Despite having advanced technology solutions readily available, notable challenges still exist in the financial industry. With customer wants and needs rapidly evolving with technology, how can traditional financial institutions keep up?

 

Embedded finance is the norm today and Banking-as-a-Service (BaaS) is the antidote to the issues plaguing payments and the broader financial industry. Enabling banks and fintech companies to innovate as they collaborate, which then leads to better and more efficient financial products and services, BaaS simplifies the integration of banking services via the use of APIs, reducing complexity and speeding up the development of new payment solutions. The benefits are both obvious and endless, but we must first understand why it is especially crucial in Singapore’s payments market.

 

The payment landscape in Singapore can be divided into three categories of key players: banks and financial institutions, payment processors (think Visa or Mastercard, Stripe, Apple Pay, etc.), and fintech firms looking to disrupt the financial services landscape. It features multiple digital payment systems, schemes, and providers that operate independently, leading to complexities for both merchants and end consumers.

 

PayLah!, PayAnyone, and PayNow have transformed the ability to make purchases, including P2P purchases, without the need for a payment gateway or terminal. Now, everyone with a bank account can be both a merchant and a consumer, reducing the cash transactions seen from yesteryear. User acceptance across these applications is promising.

 

There is also a huge range of payment providers with their own set of services, fees, and technical requirements that are complex to navigate. Additionally, the existing services can be inefficient, partly due to the significant technical debt accumulated by banks and financial institutions over the years as new features are added and changes are made to accommodate the evolving requirements of users. Technical debt and the lack of resources utilised to play catch up sees legacy systems succumb to outages and inefficiencies.

 

The BaaS proposition was specifically designed to overcome these challenges. BaaS typically means that banks and financial institutions leverage scalable and modular technology solutions that allow them to expose their services to third party platforms in a seamless manner. On top of that, banks and financial institutions effectively providing BaaS already adhere to industry standards and best practices, especially around security and regulatory requirements that also prevent the introduction of unnecessary complexity or inefficiencies into the system.

 

BaaS is a one-way ticket to a world where banks work with third party platforms including but not limited to fintechs, to launch new products and services without having to build infrastructure from scratch. This is where innovation happens at speed as we can test new ideas and iterate more rapidly.

 

On a more practical level, BaaS also enhances security in the financial services industry, as the banks and financial institutions themselves are adopting advanced security measures, compliance with regulatory standards, secure APIs and data protection measures as part of their technology stack.

 

However, there is still quite a ways to go in terms of the widespread adoption of BaaS as a business model amongst banks and FIs in Singapore. Many banks and financial institutions are yet to fully appreciate the suite of advantages that the business models offers, whilst others are hesitant to do so due to the limitations of their existing solution in catering to the inevitable scale of a BaaS business model.

 

Addressing these challenges will need a multifaceted approach with regulators, third party ecosystems, payment providers and banks / financial institutions collaborating to create an environment conducive to innovation with ample support for the integration of a easy to deploy and scalable solution with legacy systems.

 

Singapore’s readiness to be a global leader in fintech is proof of its rapid growth potential. With the government implementing and promoting regulatory sandboxes that allow for fintechs to test products and services in a controlled environment, a revolving door of new fintech solutions to solve even the most complex problems awaits. We’ll also start to see a higher rate of financial inclusion as the use of digital wallets and simplified banking services are more widely adopted.

 

Overall, the Singapore payments landscape will benefit greatly from an adoption of a BaaS business model by banks and financial institutions – especially in reducing technical debt, significantly increasing agility and offer a solution to scalability without compromising in legacy systems. With the government’s commitment to continuous improvements and fixes, the transformative impact of BaaS on the Singapore payments landscape is poised to be significant, paving the way for a more efficient, secure, and innovative financial ecosystem.

 

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This article was first posted on e27.

audax and AWS Appointed to Drive Maybank Islamic’s Digital Transformation

Posted on by Man Ting Koh
Press Release

audax and AWS Appointed to Drive Maybank Islamic’s Digital Transformation

audax

21 January, 2025

 
  • audax Leading the Digital Revolution in Islamic Banking: With its comprehensive digital banking platform, audax is set to transform Maybank Islamic’s offerings, delivering modern, customer-centric digital banking solutions built on AWS’s secure cloud infrastructure across priority markets.
  • Innovating for Growth in Islamic Finance: Leveraging audax’s expertise, this collaboration aims to capitalise on the Islamic finance sector’s projected growth, set to reach US$4.94 trillion by 2025, with Southeast Asia contributing 22% of the global assets.
  • Seamless, Inclusive and Compliant Digital Banking Experiences: audax enables Maybank Islamic to offer paperless, real-time onboarding and instant access to digital services while aligning to Islamic finance principles.

KUALA LUMPUR, 21 Jan 2025 – audax Financial Technology (“audax”), a comprehensive digital banking technology solutions provider backed by Standard Chartered, has been appointed by Maybank Islamic Bhd, the Islamic banking arm of the Maybank Group and the leading provider of Islamic financial products and services in ASEAN, as its strategic partner to spearhead the digital transformation of its banking services. This collaboration will deliver modern, customer-centric digital banking solutions built on Amazon Web Services (AWS), the world’s most comprehensive and broadly adopted cloud, with its first product to launch in 2025. This collaboration underscores audax’s pivotal role in shaping the future of digital Islamic banking.

As the technology partner behind Asia’s first Banking-as-a-Service (BaaS) offering by a global bank, audax has demonstrated its ability to transform digital banking experiences. audax is now bringing this expertise to Maybank Islamic, with the goal of enabling Maybank Islamic to redefine customer experiences across its key markets including Malaysia, Singapore, Indonesia, and the Philippines through innovative, inclusive, and Shariah-compliant digital banking solutions.

audax will enable Maybank Islamic to deliver a full suite of Islamic financial products via seamless digital channels. These include paperless, real-time onboarding, efficient account management, and instant access to digital banking services. Powered by AWS’s secure and scalable cloud infrastructure, audax’s platform ensures rapid, reliable, and secure deployment. This solution not only meets customer needs with agility, but also enables compliance with Islamic finance principles, reinforcing audax’s commitment to delivering inclusive and innovative banking solutions at scale.

This is only the beginning – audax’s scalable, cloud-native platform is designed to empower other banks and financial institutions in the region to better serve their customers. The global Islamic finance market is projected to reach US$4.94 trillion by 2025, with Southeast Asia contributing 22% of the world’s Islamic financial assets. By leveraging audax’s expertise, Maybank Islamic is poised to not only enhance its capabilities but also set the stage for future advancements in Islamic banking across ASEAN and beyond.

Kelvin Tan, CEO of audax, commented, “This collaboration with Maybank Islamic underscores our commitment to driving digital transformation in Islamic banking, and banking as a whole. audax’s platform will enable Maybank Islamic to deliver transformative customer experiences, ensuring they remain a leader in the rapidly evolving Islamic finance landscape.”

Dato’ Muzaffar Hisham, Maybank Islamic CEO, said, “Partnering with audax and AWS marks a significant milestone in our journey to build global Islamic banking leadership. This collaboration underscores our commitment to delivering customer-first solutions that are seamless, inclusive, and fully compliant with Islamic finance principles, in line with Maybank’s M25+ strategy. We are confident that audax’s expertise and AWS’s secure cloud infrastructure will empower us to better serve our customers and drive growth across Southeast Asia’s rapidly expanding Islamic finance sector.”

Peter Murray, Country General Manager for Malaysia and Asia Emerging Markets at AWS, said, “AWS is the only global cloud service provider to have launched infrastructure regions in Malaysia, Singapore, Indonesia, and Thailand in ASEAN. Leveraging this unparalleled investment in Southeast Asia, Maybank Islamic can now offer services that anticipate their end customer needs, continuously optimize operational performance, and deliver innovative, cutting-edge Islamic banking services that are secure, scalable, and customer-centric. Working in partnership with industry-leading partners like audax, who deliver the building blocks of future finance, we are committed to helping Maybank Islamic redefine Islamic banking as a global leader and democratize financial access across ASEAN.”

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.

About Maybank Islamic Berhad

Maybank Islamic is the largest Islamic bank in Asia Pacific and Malaysia and one of the world’s largest in terms of assets. As a leading player in Islamic finance, Maybank Islamic continues to spearhead the Islamic banking and finance industry through cross-border business, regional leadership in retail and investment banking in Southeast Asia and the development of new, innovative and competitive propositions.

With continuous support from its parent bank, Maybank and combined with strong commitment delivered by skilled and experienced staff, Maybank Islamic has successfully strengthened the identity and achievements of the Maybank Group in Islamic banking, both at home and beyond Malaysia. Its portfolio of diversified products and services are available through a network of over 350 Maybank branches in Malaysia, as well as in Indonesia, Singapore, Hong Kong, London and Dubai.

Understanding Cards-as-a-Service and the Power of Strategic Partnerships

Posted on by Man Ting Koh

Whitepaper

The Future of Payments

Understanding Cards-as-a-Service and the Power of Strategic Partnerships

The future of Cards-as-a-Service

Cards-as-a-Service (CaaS) allows businesses to quickly and efficiently issue and manage payment cards – debit, credit or prepaid – without the heavy investment in infrastructure or specialised expertise. By leveraging cloud-based platforms, CaaS simplifies the entire card issuance process, handling everything from transaction processing to regulatory compliance and fraud detection. This allows financial institutions, fintechs, and even non-financial companies to launch and scale card programmes with greater speed and flexibility.

As the financial services sector continues its shift toward digital-first models, CaaS is becoming a key enabler by unlocking the ability to offer customisable card solutions rapidly and cost-effectively, transforming how businesses engage with their customers. CaaS also facilitates embedded finance, thereby improving user experiences and unlocking new revenue streams.

Looking ahead, the future of CaaS is promising, with continued growth driven by emerging technologies and evolving customer expectations. Through strategic partnerships, like the one between audax, Paymentology and Mastercard, companies can seamlessly integrate CaaS into their operations, overcoming technical, regulatory, and operational challenges. This helps businesses adopt CaaS with ease, enabling them to scale their offerings and drive innovation, all while ensuring compliance and security in an increasingly complex digital landscape.

Unpacking the whitepaper

  • Introduction to Cards-as-a-Service
  • The basics of card issuance
  • How Cards-as-a-Service works
  • Benefits of Cards-as-a-Service
  • Who should consider Cards-as-a-Service
  • The role of strategic partnerships in delivering Cards-as-a-Service
  • The future of Cards-as-a-Service

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Ready to discover how CaaS can help you launch and scale your card offerings efficiently and securely? Fill out the form below to download your copy of the whitepaper.

Whitepaper – Mastercard x Paymentology

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audax and Tuum Partner to Accelerate Digital Transformation for Financial Institutions

Posted on by Wenting Chen
Press Release

audax and Tuum Partner to Accelerate Digital Transformation for Financial Institutions

audax

11 December, 2024

By combining audax’s proven ability to deliver digital banking solutions in as fast as six months with Tuum’s modular, API-first, and microservices-driven architecture, the partnership empowers financial institutions to modernise at their own pace.

ABU DHABI, 11 December 2024 – audax Financial Technology (“audax”), a comprehensive digital banking technology solutions provider backed by Standard Chartered, and Tuum, a leading next-generation core banking provider, have announced a partnership to empower financial institutions. Initially focused on the Middle East, the partnership will deliver rapid digital banking capabilities, incremental core modernization, and scalable Banking-as-a-Service (BaaS) solutions, with plans to extend these benefits to other regions.

As 80% of Middle Eastern banks prioritize digital transformation, this collaboration positions audax and Tuum as key enablers for institutions seeking to innovate and compete effectively in today’s fast-evolving market. By combining audax’s proven ability to deliver digital banking solutions in as fast as six months with Tuum’s modular, API-first, and microservices-driven architecture, the partnership empowers financial institutions to modernize at their own pace. The flexibility to deploy specific modules or features enables banks to avoid the costs and risks of full system overhauls, rapidly launch new digital capabilities, and adapt to evolving market demands – unlocking opportunities for growth and innovation.

Empowering Financial Institutions to Compete and Grow

The audax-Tuum partnership equips financial institutions to:

  • Accelerate Digital Service Launches: Rapidly deploy new financial products and services, including fully digital banks, with deployment timelines as short as six months.
  • Modernize Core Systems Incrementally: Enhance existing infrastructure without the risks or costs associated with full system replacements.
  • Unlock Revenue with BaaS: Delivering the robust infrastructure needed to scale BaaS models, allowing institutions to diversify offerings and create new revenue streams.

“At audax, we are dedicated to empowering financial institutions with best-of-breed, digital-first solutions that are resilient, highly configurable and quick to market,” said Mike Breen, Chief Commercial Officer at audax. “By partnering with Tuum, a leader in core banking technology, we are able to deliver a holistic solution that combines the best-in-class capabilities of both companies. This collaboration enables us to provide our clients with comprehensive, scalable banking systems, leveraging market leaders in each area to support their unique digital transformation needs, whether they’re starting from scratch or enhancing existing infrastructures.”

“Tuum’s modular and highly configurable core banking platform is purpose-built to meet the demands of BaaS providers, offering a robust infrastructure to support mission-critical operations,” said Miljan Stamenkovic, VP Sales EMEA. “With proven experience working with BaaS providers like LHV and Zenus, we empower financial institutions to rapidly launch innovative financial products, scale operations, and deliver exceptional customer experiences. As the ideal choice for BaaS providers, Tuum ensures institutions can adapt quickly to evolving market demands while achieving operational excellence.”

Driving Financial Transformation Across Regions

By uniting audax’s ability to deliver rapid, comprehensive digital solutions with Tuum’s scalable core banking platform, this partnership provides financial institutions with the resources to innovate, adapt, and grow. Starting in the Middle East, audax and Tuum will extend their proven capabilities to other regions, ensuring banks and financial institutions globally can stay ahead in today’s competitive banking landscape.

Banking’s Digital Imperative: Navigating Declining ROE and the Path to Profitable Transformation

Posted on by Wenting Chen

Whitepaper

Banking’s Digital Imperative

Navigating Declining Return On Equity and the Path to Profitable Transformation

Banking ROE projected to fall below 7.2% by 2030

The global banking sector faces mounting pressure as Return on Equity (ROE) continues to decline. Incumbent banks and financial institutions (FIs) must act urgently to modernise and compete with agile digital challengers. This eBook provides actionable strategies for banks and FIs to address the ROE challenge by leveraging open finance solutions, including Banking-as-a-Service (BaaS), digital banking, and the modernisation of incumbent infrastructure to unlock new revenue streams and drive innovation. Key Highlights:

  • ROE Insights: Understand global and regional trends driving profitability challenges.
  • Strategic Growth Solutions: Leverage BaaS and digital banking to enhance customer experiences and grow ecosystems.
  • Modernisation Pathways: Explore incremental, low-risk approaches like dual-mode evolution to transform infrastructure without costly rip-and-replace models.
  • Real-World Results: Learn from case studies like Standard Chartered’s partnership with all-commerce platform Bukalapak in Indonesia, showcasing how ecosystem partnerships deliver measurable success.
Designed for leaders in incumbent banks and FIs, this eBook, c0-authored by audax, Synpulse and AWS, offers a roadmap to thrive in a digital-first, customer-centric future.

Unpacking the whitepaper

  • The ROE challenge: Understanding the global banking landscape
  • Tackling the ROE challenge: Strategic solutions
  • Dual-mode evolution: Incrementally unlocking benefits
  • Weighing the costs: Rip-and-replace vs dual-mode approach
  • Our solution: Synpulse and audax

Download our whitepaper

Ready to explore the various strategies to tackle declining banking ROE? Fill out the form below to download your copy of the whitepaper.

Whitepaper – Synpulse, AWS

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