FPT, a global IT services provider, has entered into a strategic partnership with audax Financial Technology, a digital banking solutions provider backed by Standard Chartered. The collaboration aims to revolutionize digital banking experiences in the Asia Pacific and Middle East regions, targeting a revenue of USD 100 million over the next three years.
Under this partnership, FPT will play a crucial role in the development, testing, deployment, and support of audax’s digital banking platform. By combining audax’s cutting-edge solutions with FPT’s expertise in cloud-native development and agile delivery, the alliance seeks to empower financial institutions to modernize their systems and cater to the growing demand for digital financial services.
The partnership is strategically positioned to capitalize on the rapid growth of the digital banking market in Asia Pacific and the Middle East. The Asia Pacific region is projected to witness a substantial surge in digital banking, with the market expected to reach USD 360 billion by 2030. Similarly, the Middle East market is forecasted to grow significantly, reaching USD 2.6 billion by 2030.
Pham Minh Tuan, CEO of FPT Software, highlighted the importance of fintech in reshaping the financial services landscape and emphasized the need for innovative solutions. Kelvin Tan, CEO of audax, expressed excitement about delivering flexible banking solutions that meet evolving industry needs and drive financial inclusion.
The collaboration between FPT and audax signifies a significant milestone in accelerating the digital transformation of the financial services sector. By leveraging their respective strengths, the partners aim to help financial institutions future-proof their operations and unlock new revenue streams at scale.
Since commencing their collaboration in 2023, FPT and audax have evolved from a product development engagement to a long-term alliance, showcasing FPT’s growing footprint in the fintech industry. The partnership reflects a shared commitment to equipping banks with the necessary technologies to thrive in a rapidly evolving digital economy.
This strategic alliance not only demonstrates the firms’ dedication to driving innovation but also underscores the broader trend of digital transformation within the financial services industry. As technology continues to reshape traditional banking practices, partnerships like the one between FPT and audax are essential for ushering in a new era of digital banking experiences.
With the global financial services landscape evolving at a rapid pace, collaborations between established IT service providers and innovative fintech companies are poised to play a pivotal role in shaping the future of banking. The partnership between FPT and audax stands as a testament to the industry’s commitment to driving digital innovation and fostering financial inclusion across diverse markets.
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