10x Banking, a cloud-based core banking platform, has teamed up with audax Financial Technology (“audax”), a digital banking solutions provider backed by Standard Chartered.
The partnership aims to help banks in Asia Pacific, Europe, and the Middle East launch new digital services and modernize their core banking systems more easily.
Research from 10x Banking shows that banks now see failing to modernize core systems as a major risk. In APAC, 93% of banking leaders say having the right platform is essential for future success, but two-thirds remain worried about the risks of migrating to new systems.
Despite recognizing the importance of digital transformation, 67% of APAC banking executives feel they are falling behind, and only 8% are actively prioritizing upgrades to core banking, showing a gap between awareness and action.
At the same time, digital payments and fintech are growing rapidly, with the APAC fintech market expected to expand at over 21% CAGR through 2028. To stay competitive and meet rising customer expectations in areas like QR payments, digital wallets, and cross-border transfers, banks must modernize their core infrastructure.
Together, the companies will help banks launch new digital services much faster than with traditional legacy systems. Banks can reach new customer segments while gradually modernizing their core infrastructure, reducing complex legacy integrations and overall technical debt.
The partnership also enables new business models like banking-as-a-service, digital wallets, and super apps. With built-in compliance-as-code, banks can stay ahead of regulatory requirements across different markets.
Antony Jenkins, founder and CEO of 10x Banking, said: “This partnership shows banks don’t need to choose between speed and resilience, they can have both. By combining 10x Banking’s modern core with audax’s digital agility, banks in high-growth regions can innovate at pace, minimise risk and deliver lasting customer value.”
Kelvin Tan, CEO of audax, added: “Traditional core banking projects take years and cost tens of millions. Our partnership with 10x Banking changes that equation entirely, banks can launch full digital services in as fast as six months for a fraction of the cost. That’s the difference between a digital banking project that only works for major cities versus one that can also reach underserved markets across the regions we serve.”
10x Banking is a cloud-native core banking platform designed for financial institutions and their partners. Founded by former banking executives and developed by expert technologists, the platform provides customers with top-notch security, high scalability, and fast performance.
Audax Financial Technology is a full-service digital banking solutions provider that helps banks and financial institutions scale and modernize quickly. Backed by Standard Chartered, audax supported the first banking-as-a-service offering by a global bank in Asia.
Today, audax leverages its expertise to assist banks worldwide, enabling them to explore new business models and revenue opportunities for growth.
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