Close this search box.

audax Financial Technology and Thought Machine announce strategic partnership to create customised end-to-end digital banking solutions, at faster speeds and lower costs

  • Designed to deliver pre-integrated digital banking and Banking-as-a-Service (BaaS) solutions to meet modern customer needs.
  • The joint solution integrates audax’s scalable digital banking platform with Thought Machine’s highly configurable core banking technology to provide institutions with fully customisable financial products for their end customers.
  • Output will seamlessly coexist with existing legacy core systems, facilitating the swift establishment of digital banking or BaaS within months.

 SINGAPORE, 28 February, 2024 – audax Financial Technology (“audax”), a comprehensive digital banking solutions provider backed by Standard Chartered, and Thought Machine, a global leader in next-generation core banking technology, have announced a strategic partnership to transform and modernise the banking technology landscape.

Digital banking is projected to reach a USD13 trillion opportunity for banks by 2032[1]. With the launch of this partnership, audax and Thought Machine are positioned as key players in this expanding market. The agreement is centred on delivering innovative digital banking and BaaS solutions that meet consumers’ needs, at scale with faster speeds and lower costs.

The collaboration between audax and Thought Machine combines audax’s scalable digital banking platform that enables seamless API-based integration with partners and banks, with Thought Machine’s highly configurable cloud-native core banking platform, Vault Core, which enables financial institutions to offer fully customisable financial products for their end customers. This integrated solution significantly reduces the need for multiple vendors, streamlining the entire process.

The flexibility and scalability of the combined technologies would allow incumbent banks and financial institutions to swiftly modernise their infrastructure and create new revenue streams by opening new business models that offer various financial products at scale.

audax and Thought Machine’s joint solution can also seamlessly integrate with a bank’s current infrastructure, enabling financial institutions to rapidly establish a new digital bank or offer Banking-as-a-Service (BaaS) at speed. The partnership, combined with ready components and extensive customer journeys, facilitates seamless plug-and-play experiences and eliminates the complexities of development and legacy system integration for swift market entry.

“audax understands that the future of financial services hinges on the strategic collaboration between technology solution providers to empower incumbent banks and financial institutions as they begin their journey to adapt to a rapidly evolving financial services landscape,” said Kelvin Tan, CEO of audax.” This joint solution provides customers with the ability to obtain hyper-customised offerings, and we look forward to delivering these robust end-to-end digital banking solutions that address the diverse needs and use cases and needs of various financial institutions.”

Randy McFarlane, Global Head of Partnerships, Thought Machine added, “Our collaboration with audax reduces the challenges of building a modern technology stack, providing a seamless, efficient, and scalable digital banking experience. By integrating both innovative technologies we are empowering banks and financial institutions to navigate the complexities of modern banking with confidence.”

[1] Digital Banking Market Size by Service (Global Market Insights, 2022)


— ENDS —


audax Financial Technology

audax Financial Technology is a comprehensive digital banking solutions provider empowering banks and financial institutions to scale and modernise at speed. audax Financial Technology has enabled new business models and revenue streams for Standard Chartered under the SC nexus proposition, becoming the first global bank to provide Banking-as-a-Service in Asia.

For more information, please visit and follow audax on LinkedIn.

Thought Machine

Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking platform, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve, and more.

Vault Core and Vault Payments have been written from scratch as entirely cloud-native technologies, giving banks full control to run any bank, product, and payment set to flourish in a rapidly changing world.

Thought Machine is a global team spread across offices in London, New York, Singapore, and Sydney and has raised more than $500m in funding.

For more information, visit


For media enquiries, please contact:

Media Contact:
Wenting Chen, Brand & Marketing Lead, audax

Freya Steveni, Partnerships Communications Manager, Thought Machine