audax has partnered with 10x Banking to improve how banks in the Asia Pacific, Europe and the Middle East grow with new digital solutions and modernise their core banking operations.
According to research from 10x Banking, banks now view failure to modernise core systems as a significant risk, with 93% of APAC institutions surveyed saying the right platform is key to improvement. In the region, 67% of banking executives are falling behind on digitalisation, but only 8% are prioritising core banking.
Meanwhile, industries like digital payment and fintech are growing significantly, with the fintech segment being projected to expand at a 21% CAGR annually through 2028 in APAC. To capture the potential of this shift, banks must have the resilience to scale securely and the ability to develop solutions faster.
Supporting core banking developments
The partnership between 10x Banking and audax unified the latter’s ability to launch digital banking solutions in as little as six months with 10x’s meta platform, already used by banks, including Chase UK, Westpac, and Old Mutual. This will provide front-end optimisation and back-end resilience, allowing banks to capitalise on market growth opportunities without the risk and cost of traditional core system overhauls, minimising legacy system limitations.
10x Banking partnered with tier-one banks across the APAC region. For instance, the Co-operative Bank and Westpac drove rapid customer adoption through embedded ecosystem distribution. On the other hand, audax delivers its experience in handling modern banking systems, as exemplified by its venture with Maybank Islamic, an institution that offers Islamic financial products and services in ASEAN, which accelerated the bank’s digital transformation and enabled Shariah-compliant digital financial solutions across Southeast Asia. Additionally, audax delivered digital banking solutions integrated within ecosystem platforms serving over 150 million users.
10x Banking believes that the alliance reflects how banks can leverage both resilience and speed to innovate, minimise risk, and offer lasting customer value. audax shares this vision, saying that the partnership enables institutions to launch core banking projects in months for a fraction of the cost, supporting underserved communities in the region. With numerous banks still operating on legacy systems, the initiative addresses the need to modernise, enabling new revenue opportunities in rapidly changing markets.
