10x Banking, the cloud-native core banking platform, has partnered with audax Financial Technology, a digital banking technology solutions provider supported by Standard Chartered, to transform how banks in Asia Pacific, Europe and the Middle East scale “digital offerings and modernise their core banking services.”
Research from 10x Banking shows banks now “view failure to modernise core systems as an existential risk, with 93% of APAC leaders admitting the right platform is critical to future success, even as two-thirds remain concerned about migration risk.”
In APAC, 67% of banking execs say that they are now seemingly “falling behind on digital transformation, yet only 8% are prioritising core banking, highlighting the disconnect between recognition and action.”
Meanwhile, the fast-evolving digital payment and global fintech markets “are experiencing unprecedented growth, with the fintech segment in APAC projected to expand at over 21% CAGR annually through 2028.”
In this landscape of QR payments, digital wallets, and cross-border payments, banks must modernise their “core infrastructure to compete effectively while meeting customers’ increasing digital expectations.”
To capture the potential of this growth, banks need “the agility to innovate quickly and the resilience to scale securely.”
The 10x Banking and audax partnership “combines audax’s ability to launch digital banking capabilities in six months, with 10x Banking’s meta platform, trusted by banks including Chase UK, Westpac, and Old Mutual.”
This delivers front-end agility and back-end resilience, “enabling banks to break through legacy system limitations and capitalise on market growth opportunities without the risks and costs of traditional core system overhauls.”
10x Banking processes over a billion real-time transactions annually, “with 99.99% uptime and the ability to power 100k transactions per second.”
Banks on the 10x platform are equipped to scale, “with the ability to onboard 60k customers in a single day.”
10x Banking also brings a track record with various banks across APAC including: The Co-operative Bank and Westpac, driving “customer adoption through embedded ecosystem distribution.”
audax brings expertise in enabling banking systems having “been recently appointed by Maybank Islamic, the provider of Islamic financial products and services in ASEAN, to spearhead their digital transformation and enable Shariah-compliant digital financial services across Southeast Asia.”
The company has also delivered digital banking solutions integrated “within ecosystem platforms serving over 150 million users.”
The firms will enable banks to launch “digital services rapidly compared to existing legacy core systems, reaching new customer segments while modernizing core infrastructure incrementally, reducing the maze of legacy integrations and overall technical debt, while opening the door to new business models such as Banking-as-a-Service, digital wallets, and super apps.”
Built-in compliance-as-code ensures institutions “can stay ahead of regulatory requirements across diverse markets.”
With many banks across APAC and MENA “operating legacy infrastructure, the partnership addresses urgent modernization needs while enabling new revenue opportunities in rapidly digitizing markets.”
As stated in a release, 10x Banking is the B Corp-certified core banking platform, handling 6 billion API calls a month and generating “more than 3 million statements an hour for global institutions.”
audax, with its Standard Chartered roots, brings “regulatory expertise and deep in-market knowledge across complex banking and regulatory environments.”
As mentioned in the announcement, 10x Banking is a cloud-native core banking platform for financial institutions and their partners.
Founded by former banking executives and built by technologists, the 10x Banking platform enables its customers with “security, scalability and speed.”
As noted in the update, 10x Banking says that it offers banks the “cost-effective and derisked path to full cloud-native transformation through its unique ‘meta core’ approach.”
Its technology is built to enable financial institutions to “better serve their customers and communities.”
10x Banking is a B-Corp certified business with local presence in London, UK, Sydney, Australia and Singapore and is reportedly funded by a “portfolio of investors including BlackRock and J.P. Morgan.”