audax Financial Technology, backed by Standard Chartered, and Thought Machine, a cloud-native banking technology company, have announced a strategic partnership aimed at reshaping the banking technology arena.
The partnership is set to deliver digital banking and Banking-as-a-Service (BaaS) solutions designed to meet the growing consumer demands efficiently and cost-effectively.
By combining audax’s scalable digital banking platform, which facilitates seamless API-based integration, with Thought Machine’s Vault Core, a configurable cloud-native core banking platform, the alliance aims to offer financial institutions the ability to provide fully customisable financial services to their customers.
This integrated approach seeks to simplify the technological landscape for banks, reducing the dependency on multiple vendors and streamlining the process of offering diverse financial products.
The synergy of audax and Thought Machine’s technologies offers flexibility and scalability, enabling traditional banks and financial institutions to quickly modernise their operations and explore new revenue opportunities.
Furthermore, the partnership ensures that banks can easily integrate these solutions with their existing infrastructure, thereby speeding up the creation of digital banks or the offering of BaaS.
The combined offering is designed to eliminate the complexities associated with development and integration with legacy systems, facilitating rapid market entry.
audax and Thought Machine’s collaboration is expected to play a key role in harnessing the potential of the digital banking market, projected to grow to a US$13 trillion opportunity for banks by 2032.
Kelvin Tan, CEO of audax said,
“audax understands that the future of financial services hinges on the strategic collaboration between technology solution providers to empower incumbent banks and financial institutions as they begin their journey to adapt to a rapidly evolving financial services landscape.
This joint solution provides customers with the ability to obtain hyper-customised offerings, and we look forward to delivering these robust end-to-end digital banking solutions that address the diverse needs and use cases and needs of various financial institutions.”
Randy McFarlane, Global Head of Partnerships, Thought Machine added,
“Our collaboration with audax reduces the challenges of building a modern technology stack, providing a seamless, efficient, and scalable digital banking experience.
By integrating both innovative technologies we are empowering banks and financial institutions to navigate the complexities of modern banking with confidence.”
Featured image credit: Edited from Freepik
