SC Ventures Spins off audax, Kelvin Tan Leads as CEO

SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, has spin off audax Financial Technology as a digital banking technology solutions provider.

Previously, 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 was the first global bank to provide BaaS in As ia.

audax is designed to help incumbent banks in two distinct use cases namely digital banking and Banking-as-a-Service (BaaS).

It provides an end-to-end digital banking platform capable of handling millions of customer data concurrently.

audax's 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.

It will also continue to serve Standard Chartered in a commercial capacity by powering SC nexus for current and future partnerships.

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.

Tan said, "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."

(Source: Fintech News Singapore)