- Finovate Best of Show winner 10x Banking has partnered with audax Financial Technology to accelerate digital banking modernization with banks throughout Asia, Europe, and the Middle East.
- The partnership will help banks modernize their core operations quickly, but incrementally, keeping technology debt low as they pursue new business models such as Banking-as-a-Service and super apps.
- Founded in 2016, 10x Banking is headquartered in London, UK. Antony Jenkins is Founder, Chair, and CEO,
10x Banking, which won Best of Show in its Finovate debut at FinovateEurope 2023, has teamed up with audax Financial Technology to bring digital banking modernization to core banking service providers throughout Asia, Europe, and the Middle East. While speed is the headline, deploying systems that are capable of keeping up with the rapid growth of the digital payment and fintech markets is just as important.
“This partnership shows banks don’t need to choose between speed and resilience; they can have both,” 10x Banking Founder and CEO Antony Jenkins said. “By combining 10x Banking’s modern core with audax’s digital agility, banks in high-growth regions can innovate at pace, minimize risk, and deliver lasting customer value.”
In the partnership announcement, 10x Banking underscored research that indicated that a growing number of banks perceive the failure to modernize their core systems as an “existential risk.” In the APAC region, research indicated that 67% of banking executives believed they were falling behind in terms of digital modernization, a sentiment supported by the fact that only 8% reported that they had prioritized core banking at their institutions.
Together, 10x Banking and audax, a banking technology solutions provider supported by Standard Chartered, will empower banks to launch new digital products and services faster than is possible with their current legacy core systems. audax’s expertise in enabling modern banking systems, combined with 10x Banking’s meta core platform capable of processing more than a billion real-time transactions annually, will enable banks to modernize incrementally. This will help them keep overall technical debt low while still reaching new customer segments and launching new business models, ranging from Banking-as-a-Service to super apps.
“Traditional core banking projects take years and cost tens of millions,” audax CEO Kelvin Tan said. “Our partnership with 10x Banking changes that equation entirely. Banks can launch full digital services in as fast as six months for a fraction of the cost. That’s the difference between a digital banking project that only works for major cities versus one that can also reach underserved markets across the regions we serve.”
Singapore-based audax offers a plug-and-play digital banking platform that enables banks to quickly launch scalable, compliant solutions—from Banking-as-a-Service to new digital banks. Founded in 2023, audax includes Standard Chartered and Maybank Islamic among its customers.
Headquartered in London, UK, 10x Banking was founded in 2016. A B Corp-certified core banking platform, 10x Banking handles six billion API calls a month and generates more than three million statements an hour for global institutions.
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