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Obsolete to Absolute, with Banking-as-a-Service

Whitepaper

Obsolete to Absolute

Discover Banking-as-a-Service (BaaS): From obsolete practices to absolute potential in tomorrow’s financial landscape

A $25 billion opportunity!

Banking-as-a-Service (BaaS) is revolutionising the financial services sector, reshaping how banks deliver financial products and services to consumers and businesses.

This whitepaper is specifically designed for incumbent banks considering BaaS. With BaaS as a business model, banks can partner non-bank entities and integrate banking capabilities, enabling these non-bank entities to offer financial services to their customers without the need to obtain a banking license or build their own banking infrastructure. This presents significant market opportunities to the entire ecosystem.

By 2026, Forbes reports that Embedded Finance is projected to reach USD7 trillion in transaction value and BaaS could evolve into a USD$25 billion opportunity for banks, underscoring its pivotal role in the ever-evolving financial landscape. This paper examines the key drivers fuelling the growth of BaaS, its impact and transformative potential on banks and non-bank entities, and its profound implications for consumers. Case studies will also illustrate the various BaaS implementations and offer valuable insights for banks interested in pursuing a BaaS strategy.

Banks looking to provide BaaS as a value proposition will find audax’s and Thought Machine’s solutions well-positioned to seize this unique opportunity and succeed in the new era of financial services.

Unpacking the whitepaper

  • What are the various digital banking models?
  • What is BaaS, Open Banking and Embedded Finance?
  • What do financial institutions stand to gain with BaaS?
  • What should you consider when selecting a BaaS provider?
  • How can you harness the benefits of BaaS with Thought Machine and audax?

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

Press Release

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

audax

21 September, 2023

  • 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.

 

For media enquiries, please contact:

Media Contact:

Fernn Lim, Chief of Staff, audax fernn.lim@audax.io

Chi-an Chang, PR & Comms Lead, SC Ventures chian.chang@sc.com

 

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