Today’s fast-paced world demands that leaders go beyond steering their organizations and impart their wisdom and insights to a wider audience, amplifying their influence across the entire industry. Kelvin Tan, the CEO of audax Financial Technology, is one such forward-thinking leader who is transforming traditional banking models and paving the way for a more seamless, customer-centric financial experience. His willingness to share his insights and experiences has contributed significantly to the broader fintech community, driving innovation and progress within the sector.
Tan’s story is one of grit, passion, and a firm belief in the power of innovation. From his early days at Standard Chartered Bank, where he led game-changing initiatives like SC nexus, the bank’s pioneering Banking-as-a-Service offering, he has been at the forefront of digital transformation. His ability to spot emerging trends and capitalize on them has made him a force to be reckoned with.
Our recent interview with Kelvin Tan offers a sneak peek into his journey and his vision for the future of finance.
Please brief us about yourself and what inspired you to embark on this sector?
I am the CEO of audax, a corporate venture backed by Standard Chartered Bank. audax enables any bank to rapidly deploy and scale end-to-end digital banking solutions. Based in Singapore, I have been leading the build of the business and platform with the vision of being the go-to solution for banks undergoing digital transformation and, subsequently, connecting other industry verticals, beginning with financial services.
Before audax, I conceptualized, led, built, and delivered SC nexus, Standard Chartered’s comprehensive BaaS business. I pitched the idea of “Platform Banking” 5 years ago to transform Standard Chartered into a global embedded finance provider, drive scale, and fulfill the bank’s ambition to lift participation and financial inclusion. In fact, it was in the process of building SC nexus that we got the idea to offer the technology we were building to the industry at large, rather than limit it to a single use case within one bank.
Could you give our readers an insight into your company and its inception story?
The audax journey started by powering SC nexus, Standard Chartered’s global BaaS offering. Powered by audax’s technology, Standard Chartered was the first global bank to provide BaaS in Asia. The successful partnership between Standard Chartered and Bukalapak in launching BukaTabungan is an example of how audax has powered truly paperless, digital banking access, serving Bukalapak’s ecosystem of more than 150 million users and 20 million business owners.
The vision was not merely to drive transformation within Standard Chartered but to rewire the DNA of banking. As a result, SC Ventures launched audax, with the aim of offering its capabilities to banks and financial institutions globally.
audax is a comprehensive stack digital banking solutions provider, empowering banks and financial institutions to scale and modernize at speed. We target banks and financial institutions looking to grow their retail banking and SME share, neobanks that want to launch but require a technology stack, and non-fintech entities looking to offer closed-loop services.
audax presents a solution catering to three primary distinct use cases: Digital Banking, Banking-as-a-Service (BaaS) and modernisation of incumbent infrastructure. It boasts an end-to-end digital banking platform with modularised capabilities, designed to efficiently handle millions of customers concurrently. Through its plug-and-play digital banking solution, audax provides an end-to-end suite of banking capabilities and models for the entire client lifecycle, from client and staff interfaces to deposits and lending products to client servicing and data reporting.
Built to complement incumbent banks’ core systems where necessary, audax’s core banking and infrastructure-agnostic technology enables digital banking capabilities without the need for risky, costly, and time-consuming in-house development or migration.
How do you prioritize and balance the needs of different stakeholders in your business?
We prioritize and balance stakeholder needs through structured communication and alignment processes.
- Prioritization forums between key stakeholders: We hold monthly prioritization forums that bring together key stakeholders, especially from our tech and product teams, to discuss and identify the main priorities collaboratively and ensure that everyone is on board and aligned.
- Joint OKRs between key stakeholders: Shared common goals, especially between product and tech teams, so that we are all aligned on the outcomes to be achieved.
- Weekly sessions among the steering committee: These sessions keep everyone updated on the latest developments and ensure that we remain aligned on our strategic initiatives.
Can you share an example of a time when you had to make a difficult decision as a leader, and what factors influenced your decision-making process?
One of the most challenging decisions I faced as a leader was during our transition from SC nexus to audax. Our North Star was always “what is in the best interest of the enterprise.” As we pivoted from serving primarily Standard Chartered Bank to a broader range of banks and financial institutions, I had to carefully assess the roles and skills needed for our new business model. This meant evaluating whether the existing team members’ skills and roles were aligned with our future needs.
The decision-making process involved thorough consideration of the new strategic direction, the specific skills required for success in this broader market, and the potential for existing team members to adapt to these new demands. Consulting with industry insiders and senior leadership helped ensure that the decisions were well-informed and in the best interest of the enterprise. Although it was difficult, this careful evaluation and alignment were essential for positioning audax for long-term success.
How do you stay up-to-date on industry trends and incorporate them into your business strategy?
- Learning and networking: attending industry conferences, engaging with thought leaders, and never underestimate the power of LinkedIn – a key platform that you can use even if you can’t take time out of your day for physical meetings.
- Research and analysis: a dedicated team that tracks developments in the industry, monitors competitor activities, and analyzes market data, which is then synthesized into reports that guide our decisions.
- Employee innovation: via brainstorming sessions and innovation workshops across the steering committee and their one-downs.
Can you discuss a time when you had to pivot your business strategy, and how you navigated that change?
When we spun off into audax, it marked a significant pivot in our business model. Our team, originally from SC Nexus, had been primarily focused on serving Standard Chartered Bank. With audax, our focus shifted to serving a broader range of banks and financial institutions.
To navigate this change, I maintained constant communication with my team, clearly highlighting the reasons for the shift, the associated risks, and our new direction. I also consulted with industry insiders to gain valuable insights and ensure we were making informed decisions. This collaborative approach helped us successfully steer through the transition.
How do you foster a positive and productive company culture, and what role do you play in that?
Flexible work arrangements play a significant role in fostering a positive and productive company culture. We allow employees to choose where and when they work, which then improves work-life balance, increases job satisfaction, and boosts productivity.
Employees can work during their most productive hours and create a work environment that suits their needs. Flexible work reduces stress and burnout, leading to higher job satisfaction and retention. It also attracts a diverse talent pool by removing geographic constraints.
As CEO, I champion and model flexible work policies, ensuring they are actively supported. I emphasize the importance of work-life balance and demonstrate flexibility in my own work habits, setting a positive example for the company.
How do you measure success in your business, and what metrics do you use to track progress?
audax implements several measures, including:
- Clear expectations through quarterly OKRs – which outline specific goals and deliverables that employees are expected to achieve. This provides a framework for performance evaluation and accountability.
- Regular check-ins between people leaders and employees – to monitor progress, provide feedback and to check in on their personal well-being. These serve as opportunities to ensure that employees remain on track with their goals and responsibilities.
What advice would you give to aspiring business leaders, and what qualities do you believe are essential for success in leadership roles?
Develop significant resilience. More than anything, it is mental fortitude that will see you through the roller coaster ride of running a nascent business. One trick I use to build resilience is to always zoom out and remember the bigger picture—there are always more important things in life.
