Big Banking: Standard Chartered Introduces Banking as a Service Offering

Global bank Standard Chartered has unveiled its latest offering in the form of Banking as a Service (BaaS). The bank’s fintech and innovation subsidiary, SC Ventures, is responsible for this new service, which aims to facilitate digital transformation for banks and financial institutions.

Standard Chartered, headquartered in the UK, generates the majority of its revenue from the Asia Pacific region and operates in 53 different markets worldwide.

The BaaS offering is called audax Financial Technology, a digital banking technology solution that offers end-to-end services. Unlike many other options on the market, audax is backed by a traditional banking institution.

Before its official launch, audax powered Standard Chartered Nexus (SC Nexus), which was a white-label plug-and-play BaaS offering for large ecosystem players. Standard Chartered claims to be the first global bank to offer BaaS in Asia. Currently, audax is being utilized by Sociolla, an e-commerce platform in Indonesia, to establish digital banking services for its customers. Furthermore, audax will be launching with an additional partner in another market, expected to go live in Q4 of 2023.

Kelvin Tan, the former Managing Director and Global Head of SC Nexus, has been appointed as the CEO of audax.

Tan expressed excitement about the new service, highlighting its potential to contribute to the digital transformation of the banking industry. This new BaaS offering from Standard Chartered is expected to provide a significant boost to the digital banking sector by leveraging the bank’s extensive global reach and expertise.

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