FPT, an IT services company based in Vietnam, has formed a strategic partnership with Audax, a company that provides digital banking technology.
Standard Chartered Bank supports Audax.
FPT said in a statement on Wednesday that 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 $100 million over three years.
Under this new agreement, FPT becomes Audax’s biggest regional partner in the Asia Pacific region. FPT will play a key role in helping develop, test, launch, and support Audax’s digital banking solutions over the long term.
The partnership brings together Audax’s easy-to-use digital banking platform and FPT’s strong skills in areas like cloud development, microservices, DevSecOps, and agile project delivery.
Many people in the Asia Pacific still don’t have access to banking services. This joint solution helps banks upgrade old systems, build new digital services, and try out modern models like embedded finance and banking-as-a-service. This will help more people get access to digital financial services.
This strategic partnership will help FPT and Audax grow their presence in the Asia Pacific and Middle East, two of the fastest-growing regions in financial technology.
The Asia Pacific digital banking market is expected to grow by 110%, reaching $360 billion by 2030. Meanwhile, the Middle East market is set to grow by 58%, reaching $2.6 billion by 2030.
These numbers highlight the huge potential for innovation and growth in digital banking across both regions.
“Fintech is reshaping the global financial services landscape, and there is a growing demand for trusted partners capable of delivering and scaling innovative, artificial intelligence (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,” stated Pham Minh Tuan, FPT Software Chief Executive Officer and Executive Vice President, FPT Corporation.
Kelvin Tan, Chief Executive Officer at Audax, said joining 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 modernize 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,” he added.
David Nguyen Tran Hung, FPT Software Senior Vice President and FPT Asia Pacific Chief Executive Officer, FPT Corporation, said this strategic alliance marks a defining milestone in the firm’s 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,” he added.
PT and Audax started working together in 2020. Since then, FPT has helped develop products and launch them in markets across Asia Pacific.
Their partnership has grown from just working on projects to a strategic, long-term alliance, showing FPT’s growing role in the fintech industry.
FPT has a team of 3,000 engineers who create new solutions for over 200 clients around the world.
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