SC Ventures, the innovation, FinTech investment and venture incubation arm of Standard Chartered, announced the launch of a new digital banking technology solutions provider, audax Financial Technology.
In brief:
-Designed as a plug-and-play digital banking tech stack, audax is set to empower banks and financial institutions to accelerate their digital transformation, deliver new business models, serve new customer segments and derive new revenue streams.
-audax will offer an end-to-end suite of banking capabilities for the full client lifecycle as well as infrastructure-agnostic technology that allows the seamless integration of digital banking capabilities into incumbent banks’ existing infrastructure.
What does this mean?
“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,” Tan commented
