SC Ventures has launched audax financial technology, a digital banking technology solutions provider. SC Ventures is the fintech investment and ventures arm of Standard Chartered that was launched in 2018. Since then it has launched over thirty new ventures with the launch of audax becoming the latest. Audax 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.
Driven by advancements in the financial infrastructure, digital banking, and embedded finance space. The business-to-business-to-any-end-user market is expected to reach $440bn in annual revenues by 2030. Audax hopes to be a key figure in this growth market by helping incumbent banks in two distinct use cases: digital banking and Banking-as-a-Service.
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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, client servicing and data reporting.
Proven success in Indonesia
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.
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 Indonesian all-commerce platform) 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.
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