audax Financial Technology (audax), a digital banking solutions provider incubated within Standard Chartered Ventures and Tuum have announced a partnership to empower financial institutions. Initially focused on the Middle East, the partnership will deliver rapid digital banking capabilities, incremental core modernisation and scalable Banking-as-a-Service (BaaS) solutions, with plans to extend these benefits to other regions.
The flexibility to deploy specific modules or features enables banks to avoid the costs and risks of full system overhauls, rapidly launch new digital capabilities and adapt to evolving market demands, unlocking opportunities for growth.
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The audax-Tuum partnership equips financial institutions to rapidly deploy new financial products and services
This includes fully digital banks, with deployment timelines as short as six months
It can enhance existing infrastructure without the risks or costs associated with full system replacements. It aims to deliver the robust infrastructure needed to scale BaaS models, allowing institutions to diversify offerings and create new revenue streams.
Mike Breen, Chief Commercial Officer at audax, said: “At audax, we are dedicated to empowering financial institutions with best-of-breed, digital-first solutions that are resilient, highly configurable and quick to market. By partnering with Tuum, a leader in core banking technology, we are able to deliver a holistic solution that combines the best-in-class capabilities of both companies. This collaboration enables us to provide our clients with comprehensive, scalable banking systems, leveraging market leaders in each area to support their unique digital transformation needs, whether they’re starting from scratch or enhancing existing infrastructures.”
Miljan Stamenkovic, VP Sales EMEA, added: “Tuum’s modular and highly configurable core banking platform is purpose-built to meet the demands of BaaS providers, offering a robust infrastructure to support mission-critical operations. With proven experience working with BaaS providers like LHV and Zenus, we empower financial institutions to rapidly launch innovative financial products, scale operations, and deliver exceptional customer experiences. As the ideal choice for BaaS providers, Tuum ensures institutions can adapt quickly to evolving market demands while achieving operational excellence.”
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