Audax Financial Technology (“audax”), a digital banking technology solutions provider backed by Standard Chartered, has been appointed by Maybank Islamic Bhd, the Islamic banking arm of the Maybank Group, as partner to spearhead the digital transformation of its banking services.
The collaboration will deliver modern, customer-centric digital banking solutions built on Amazon Web Services (AWS), with its first product to launch in 2025. This collaboration underscores audax’s pivotal role in shaping the future of digital Islamic banking.
As the technology partner behind Asia’s first Banking-as-a-Service (BaaS) offering by a global bank, audax is bringing this expertise to Maybank Islamic, with the goal of enabling Maybank Islamic to redefine customer experiences across its key markets including Malaysia, Singapore, Indonesia, and the Philippines through innovative, inclusive, and Shariah-compliant digital banking solutions.
Audax will enable Maybank Islamic to deliver a full suite of Islamic financial products via seamless digital channels, including paperless, real-time onboarding, efficient account management, and instant access to digital banking services.
Powered by AWS’s secure and scalable cloud infrastructure, audax’s platform ensures rapid, reliable, and secure deployment. The platform is designed to empower other banks and financial institutions in the region to better serve their customers.
The global Islamic finance market is projected to reach US$4.94 trillion by 2025, with Southeast Asia contributing 22 percent of the world’s Islamic financial assets. By leveraging audax’s expertise, Maybank Islamic is poised to not only enhance its capabilities, but also set the stage for future advancements in Islamic banking across ASEAN and beyond.
“Audax’s platform will enable Maybank Islamic to deliver transformative customer experiences, ensuring they remain a leader in the rapidly evolving Islamic finance landscape,” Kelvin Tan, CEO of audax, said as quoted in a statement on Wednesday, January 22, 2025.
Dato’ Muzaffar Hisham, Maybank Islamic CEO, welcomes its partnership with audax and AWS, citing that it marks a significant milestone in their journey to build global Islamic banking leadership.
Peter Murray, Country General Manager for Malaysia and Asia Emerging Markets at AWS, similarly welcomed the partnership.
“Working in partnership with industry leading partners like audax, who deliver the building blocks of future finance, we are committed to helping Maybank Islamic redefine Islamic banking as a global leader and democratize financial access across ASEAN,” Murray said.
