This Singapore BaaS firm aims to democratise digital banking services — starting with Indonesia

In five words, how do you explain your role at audax to a new acquaintance?

Pushing frontiers in banking digitalisation.

Do you think digital banking and fintech innovations like those offered by audax have the potential to equalise economic inequalities in society?

Digital banking offers a big opportunity to reduce economic inequalities by making banking services available to more people. In Southeast Asia, where about 70 per cent of adults are underbanked, audax is working to change this. We are helping banks we work with to introduce new ways of doing business. This includes reaching out to large groups of consumers and businesses to provide them with financial services.

Notably, audax's technology helped start “BukaTabungan”, a digital banking service, by partnering with Standard Chartered Indonesia and Bukalapak. This project significantly improved access to banking services for many Indonesians.

Thanks to the common use of mobile phones and social media in Indonesia, audax enabled Bukalapak's network of over 150 million users and 20 million business owners to access digital banking. This also provided users with better information for decision-making, marking a major move towards greater financial inclusion.

By speeding up the digital upgrade of financial services in Southeast Asia and other areas, audax is working to close the gap in banking technology and help banks better tackle economic inequality. audax aims to make the financial world more fair and inclusive, ensuring everyone can benefit from digital banking, regardless of their financial situation.

What ethical considerations come into play when developing financial technologies, and how does audax address these concerns?

As financial technologies become increasingly sophisticated, the data privacy of customers becomes increasingly important. As the reliance on digital channels exposes banks and financial institutions to heightened cyber-attacks, audax prioritises investment in robust technology and fortifying security measures while constantly updating systems to protect our customers’ information.

This includes delivery in line with the security requirements of our clients as well as our own penetration testing, code reviews and third-party security audits. 

Given our origins in a large, complex global bank, our deep understanding of the significance of trust and effective corporate governance makes us a trusted partner for banks in adopting these financial technologies. 

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How is the rise of Banking-as-a-Service (BaaS) impacting traditional banks in Singapore?

The rise of BaaS has driven traditional banks to innovate and modernise at speed. We see BaaS as a complement to incumbent banks or conventional banking institutions. The business model brings with it massive benefits, including improved user experiences, increased efficiencies, and expanded access to financial services. We believe that BaaS represents a transformative shift — its impact on incumbents hinges on their adaptability and flexibility. 

In the race to innovate, how does audax balance using data for personalisation without invading privacy?

The line between using data for personalisation and invading privacy in the fintech industry can be delicate. While it is tempting for fintech companies to overlook privacy concerns in pursuit of progress, privacy should never be seen as a necessary trade-off. Digital banking can only be successful if the users are confident of the safety of their data.

Fintech companies must prioritise data protection and transparency by implementing strict regulations, such as anonymising data and giving users control over their information, which can help maintain this balance and foster trust among consumers.

When you look at the state of the world today, what is the one thing that gives you hope?

Innovation fuels my hope. Witnessing the relentless pursuit of groundbreaking ideas and transformative technologies across industries inspires optimism. The ability of individuals and organisations to challenge conventional norms and reshape industries keeps me hopeful about the positive changes we can collectively bring to the world.