ABU DHABI, 11 December 2024 – audax Financial Technology (“audax”), a comprehensive digital banking technology solutions provider backed by Standard Chartered, and Tuum, a leading next-generation core banking provider, have announced a partnership to empower financial institutions. Initially focused on the Middle East, the partnership will deliver rapid digital banking capabilities, incremental core modernization, and scalable Banking-as-a-Service (BaaS) solutions, with plans to extend these benefits to other regions.
As 80% of Middle Eastern banks prioritize digital transformation, this collaboration positions audax and Tuum as key enablers for institutions seeking to innovate and compete effectively in today’s fast-evolving market. By combining audax’s proven ability to deliver 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 modernize 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.
Empowering Financial Institutions to Compete and Grow
The audax-Tuum partnership equips financial institutions to:
- Accelerate Digital Service Launches: Rapidly deploy new financial products and services, including fully digital banks, with deployment timelines as short as six months.
- Modernize Core Systems Incrementally: Enhance existing infrastructure without the risks or costs associated with full system replacements.
- Unlock Revenue with BaaS: Delivering the robust infrastructure needed to scale BaaS models, allowing institutions to diversify offerings and create new revenue streams.
“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, a leader in core banking technology, 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.”
“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.”
Driving Financial Transformation Across Regions
By uniting audax’s ability to deliver rapid, 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.
