10x Banking & audax join forces to speed bank upgrades

10x Banking has formed a strategic partnership with Singapore-based audax Financial Technology in a move aimed at accelerating digital banking modernisation for lenders across Asia Pacific, Europe, and the Middle East.

The collaboration combines 10x Banking's cloud-native core banking platform with audax's digital deployment software. The companies intend to target banks seeking to launch new digital propositions while upgrading legacy systems incrementally, rather than through large-scale replacements.

London-headquartered 10x Banking stated that the combined offering would allow institutions to roll out full digital banking services in as little as six months. The firms are pitching the approach as more cost-effective and less risky than traditional core banking projects, which often span several years.

The partnership reflects growing pressure on banks in high-growth regions to keep pace with digital challengers and fintechs. Regulatory demands across multiple jurisdictions and the need to protect existing operations have made many institutions wary of major core system migrations.
 

Modernisation concerns

New research from 10x Banking indicates that banks see stalled technology upgrades as a potential threat to their business. The survey of executives found that 93% of banking leaders in Asia Pacific view the choice of core platform as critical for their future, yet two-thirds remain concerned about migration risk.

According to the findings, 67% of banking executives in the region say they are falling behind on digital transformation. Only 8% list core banking modernisation as an immediate priority. The figures point to a gap between strategic awareness and project execution.

The study comes against a backdrop of rapid digital payment adoption. Industry forecasts project that the fintech segment in Asia Pacific will grow at a compound annual growth rate (CAGR) of more than 21% until 2028, driven by QR payments, digital wallets, and cross-border services. Banks in the region face mounting competition from non-bank platforms which operate on modern, cloud-based infrastructure.

Combined proposition

Under the new partnership, audax will focus on the front-end and digital experience layer. The company designs and deploys digital banking solutions that sit on top of existing infrastructure and can be integrated with third-party ecosystems.

10x Banking will provide what it calls a "meta core" platform that handles account processing, real-time transactions and product configuration. The technology underpins digital banks such as Chase UK and has been deployed at Westpac and Old Mutual.

The companies said the joint proposition is intended for both incumbents and newer banks that want to add digital-only brands or Banking-as-a-Service offerings. They plan to support use cases including digital wallets, super-app integrations and embedded finance arrangements.

10x Banking reported that its platform currently processes more than one billion real-time transactions a year and records 99.99% uptime. It said it can handle 100,000 transactions per second and onboard 60,000 customers in a single day. Meanwhile, audax has recently secured a mandate from Maybank Islamic, one of the largest Islamic finance providers in ASEAN. The firm is collaborating with the bank on a regional rollout of Shariah-compliant digital financial services across Southeast Asia.

The Singapore company said it has delivered embedded digital banking solutions that sit within ecosystem platforms with a combined user base of more than 150 million. audax is backed by Standard Chartered and traces its origins to the bank's earlier digital initiatives, including Banking-as-a-Service projects in Asia.

Incremental approach

The partners are positioning their offer as a way for banks to add modern digital services while gradually reducing dependence on legacy cores. They said the approach could cut the number of point-to-point integrations and lower long-term technology debt. It also aligns with regulator interest in operational resilience and staged migrations.

Compliance and regulatory features form part of the combined product set. The companies said they use "compliance-as-code" techniques. The aim is to keep banks aligned with varied local requirements across markets in Asia Pacific and the Middle East and North Africa region.

Antony Jenkins, Founder and Chief Executive of 10x Banking and former group chief executive of Barclays, said banks in growth markets face conflicting demands around innovation and stability.

"This partnership shows banks don't need to choose between speed and resilience, they can have both. By combining 10x Banking's modern core with audax's digital agility, banks in high-growth regions can innovate at pace, minimise risk, and deliver lasting customer value," said Jenkins.

Furthermore, audax chief executive Kelvin Tan said the traditional model for core banking projects has limited the number of institutions that can justify large-scale digital upgrades.

"Traditional core banking projects take years and cost tens of millions. 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," said Tan.

Regional focus

The two companies see particular demand in Asia Pacific and the Middle East, where many banks still run on ageing infrastructure but face young, mobile-first customer bases. They also point to the rise of regional digital wallet schemes and super apps that set expectations for instant onboarding and real-time payments.

10x Banking said it is the first B Corp-certified core banking platform and currently handles six billion API calls a month. It generates more than three million statements an hour for financial institutions worldwide.

audax brings what it describes as deep experience with regulatory environments in Asia, supported by its Standard Chartered heritage. The firm has worked in markets that range from developed financial centres to emerging economies with growing financial inclusion agendas.

10x Banking intends to target tier-one and tier-two banks seeking a phased transition towards cloud-native operations. For its part, audax will lead on digital channel design and customer journey deployments. The companies stated that they expect to announce the first joint client projects in Asia and the Middle East as banks proceed with new digital launches over the coming year.