Looking to empower financial institutions in the Middle East at first, before expanding across the rest of the globe, audax Financial Technology (‘audax’), a digital banking solutions provider incubated within Standard Chartered Ventures, and Tuum, a core banking provider have announced a new partnership.
The partnership between Tuum and audax will deliver rapid digital banking capabilities, incremental core modernisation, and scalable Banking-as-a-Service (BaaS) solutions in the Middle East. Together, the firms look to empower the 80 per cent of firms in the region that are actively prioritising digital transformation.
By combining audax’s digital banking solutions in as fast as six months with Tuum’s modular, API-first, and microservices-driven architecture, the partnership empowers financial institutions to modernise at their own pace. The flexibility to deploy specific modules or features enables banks to avoid the costs and risks of full system overhauls, rapidly launch new digital capabilities, and adapt to evolving market demands — unlocking opportunities for growth and innovation.
“At audax, we are dedicated to empowering financial institutions with best-of-breed, digital-first solutions that are resilient, highly configurable and quick to market,” said Mike Breen, chief commercial officer at audax. “By partnering with Tuum, we are able to deliver a holistic solution that combines the best-in-class capabilities of both companies.
“This collaboration enables us to provide our clients with comprehensive, scalable banking systems, leveraging market leaders in each area to support their unique digital transformation needs, whether they’re starting from scratch or enhancing existing infrastructures.”
New partnership, new benefits
By uniting audax’s ability to deliver comprehensive digital solutions with Tuum’s scalable core banking platform, this partnership provides financial institutions with the resources to innovate, adapt, and grow. Starting in the Middle East, audax and Tuum will extend their proven capabilities to other regions, ensuring banks and financial institutions globally can stay ahead in today’s competitive banking landscape.
Firms will benefit from:
- Accelerated Digital Service Launches: Rapidly deploy new financial products and services, including fully digital banks, with deployment timelines as short as six months.
- Modernised Core Systems Incrementally: Enhance existing infrastructure without the risks or costs associated with full system replacements.
- Unlocked Revenue with BaaS: Delivering the robust infrastructure needed to scale BaaS models, allowing institutions to diversify offerings and create new revenue streams.
“Tuum’s modular and highly configurable core banking platform is purpose-built to meet the demands of BaaS providers, offering a robust infrastructure to support mission-critical operations,” said Miljan Stamenkovic, VP sales EMEA.
“With proven experience working with BaaS providers like LHV and Zenus, we empower financial institutions to rapidly launch innovative financial products, scale operations, and deliver exceptional customer experiences. As the ideal choice for BaaS providers, Tuum ensures institutions can adapt quickly to evolving market demands while achieving operational excellence.”
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