audax has joined forces with 10x Banking to enhance the digital transformation efforts of banks in Asia Pacific, Europe, and the Middle East, helping them adopt new solutions and revamp their core banking operations.

According to a study from 10x Banking, modernizing core systems has become critical for banks. Ninety-three percent of APAC institutions surveyed identified the right platform as essential for improvement. However, while sixty-seven percent of bank executives acknowledged the need for digital advancements, only eight percent prioritized their core banking operations.

Concurrently, sectors like digital payments and fintech are witnessing significant growth. The fintech industry is expected to grow at a compound annual growth rate (CAGR) of 21% through 2028 in APAC. To tap into these opportunities, banks require the flexibility to scale securely and the capability to develop solutions quickly.

Fostering Core Banking Innovations

The collaboration between 10x Banking and audax integrates audax’s rapid deployment of digital banking solutions with 10x’s meta platform, utilized by banks such as Chase UK, Westpac, and Old Mutual. This partnership offers front-end optimization and back-end resilience, enabling banks to seize market growth opportunities while mitigating the risks associated with traditional core system overhauls and overcoming legacy constraints.

10x Banking has partnered with leading banks across APAC, including the Co-operative Bank and Westpac, which accelerated customer adoption through embedded ecosystem distribution. Conversely, audax brings its expertise in managing modern banking systems, demonstrated by its work with Maybank Islamic, an institution that provides Shariah-compliant financial services in ASEAN. This partnership hastened digital transformation at the bank and enabled widespread Shariah-compliant digital financial solutions across Southeast Asia.

10x Banking views this alliance as a testament to how banks can achieve both speed and resilience, thereby reducing risk and delivering enduring value to customers. audax aligns with this perspective, asserting that the partnership allows institutions to launch core banking projects within months for significantly lower costs, supporting underserved communities in the region. Many banks still operate on legacy systems, making it imperative to modernize and unlock new revenue streams amid rapidly evolving market conditions.