audax Financial Technology (audax), a comprehensive digital banking technology solutions provider backed by Standard Chartered, has been appointed by Maybank Islamic Bhd, the Islamic banking arm of the Maybank Group and the leading provider of Islamic financial products and services in ASEAN, as its strategic partner to spearhead the digital transformation of its banking services. This collaboration will deliver modern, customer-centric digital banking solutions built on Amazon Web Services (AWS), the world’s most comprehensive and broadly adopted cloud, 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 has demonstrated its ability to transform digital banking experiences. audax is now 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. These include 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. This solution not only meets customer needs with agility, but also enables compliance with Islamic finance principles, reinforcing audax’s commitment to delivering inclusive and innovative banking solutions at scale.

This is only the beginning – audax’s scalable, cloud-native 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% 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.

Kelvin Tan, CEO of audax, commented, “This collaboration with Maybank Islamic underscores our commitment to driving digital transformation in Islamic banking, and banking as a whole. audax's platform will enable Maybank Islamic to deliver transformative customer experiences, ensuring they remain a leader in the rapidly evolving Islamic finance landscape.”

Dato' Muzaffar Hisham, Maybank Islamic CEO, said, "Partnering with audax and AWS marks a significant milestone in our journey to build global Islamic banking leadership. This collaboration underscores our commitment to delivering customer-first solutions that are seamless, inclusive, and fully compliant with Islamic finance principles, in line with Maybank’s M25+ strategy. We are confident that audax’s expertise and AWS’s secure cloud infrastructure will empower us to better serve our customers and drive growth across Southeast Asia's rapidly expanding Islamic finance sector."

Peter Murray, Country General Manager for Malaysia and Asia Emerging Markets at AWS, said, "AWS is the only global cloud service provider to have launched infrastructure regions in Malaysia, Singapore, Indonesia, and Thailand in ASEAN. Leveraging this unparalleled investment in Southeast Asia, Maybank Islamic can now offer services that anticipate their end customer needs, continuously optimize operational performance, and deliver innovative, cutting-edge Islamic banking services that are secure, scalable, and customer-centric. 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."

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