Vietnam-based information technology (IT) services provider FPT has formed a strategic alliance with audax Financial Technology (audax), a digital banking technology solutions provider backed by Standard Chartered.
FPT said in a statement on Wednesday that this partnership aims to deliver scalable, secure, and innovative digital banking experiences to financial institutions across the fast-growing Asia Pacific and Middle East regions, with a target revenue of $100 million over three years.
Under this agreement, FPT becomes audax’s largest regional partner in Asia Pacific, taking on a key role in development, testing, deployment, and long-term operational support.
The partnership combines audax’s plug-and-play digital banking platform with FPT’s deep capabilities in cloud-native development, microservices architecture, DevSecOps, and agile delivery.
With significant portions of the population in Asia Pacific remaining underbanked, this joint offering empowers financial institutions to modernize legacy systems and enhance new ones, while adopting innovative models such as embedded finance and banking-as-a-service to drive financial inclusion and meet the growing demand for digital financial services.
This strategic partnership positions FPT and audax to strengthen their presence in the digital banking solutions market in Asia Pacific and the Middle East, two of the world’s most dynamic fintech regions.
The Asia Pacific digital banking market is projected to surge by 110 percent, reaching $360 billion by 2030, while the Middle East digital banking market is expected to grow by 58 percent, hitting $2.6 billion by 2030.
These figures underscore the immense potential for innovation and growth.
“Fintech is reshaping the global financial services landscape, and there is a growing demand for trusted partners capable of delivering and scaling innovative, artificial intelligence (AI)-enabled solutions,
“Building on our nearly three decades of experience in the financial services domain, and a longstanding partnership with Standard Chartered Ventures across multiple strategic projects, we will accelerate digital banking transformation and help our customers expand access to secure, future-ready financial services,” stated Pham Minh Tuan, FPT Software Chief Executive Officer and Executive Vice President, FPT Corporation.
Kelvin Tan, Chief Executive Officer at audax, said joining forces with FPT to deliver a flexible, cloud-native solution that meets the evolving needs of banks.
“Together, we’re setting a new benchmark for agile banking infrastructure, helping institutions modernize quickly and efficiently while driving financial inclusion,
“This partnership supports our vision to lead the digital transformation of banking, enabling financial institutions to scale, unlock new growth opportunities, and stay ahead of the curve with innovative business models that drive financial inclusion,” he added.
David Nguyen Tran Hung, FPT Software Senior Vice President and FPT Asia Pacific Chief Executive Officer, FPT Corporation, said this strategic alliance marks a defining milestone in the firm’s pursuit to accelerate the digital transformation of the financial services industry.
“By integrating our strengths, we are uniquely positioned to help banks future-proof their operations and unlock new revenue opportunities at scale,
“Fundamentally, this collaboration reflects a shared commitment to empowering financial institutions with the technologies required to thrive in a rapidly evolving digital economy,” he added.
FPT and audax began their collaboration in 2020, with FPT supporting product development and market rollouts across Asia Pacific.
The partnership has evolved from a product development and program-based engagement into a strategic, long-term alliance, reinforcing FPT’s expanding footprint in the fintech sector.
In this sector, FPT boasts a workforce of 3,000 engineers, delivering innovative solutions to more than 200 clients worldwide.