10x Banking plans to enter APAC for digital banking transformation

By Gloria Mathias

10x Banking (10x), the global, cloud-native core banking platform, has announced its plans to accelerate the company’s growth in APAC.

Research commissioned by 10x Banking reveals less than 8% of Banks in APAC are focusing on their core banking capabilities, which is where the opportunity for true transformation resides.

Surveying more than 150 senior decision-makers and more than 150 product managers, business analysts and project managers across the UK, South Africa, the Nordics, Australia, New Zealand, Germany, India and Vietnam, 10x’s study sought to understand the decision-making process within the world’s leading banks when it comes to digital transformation, specifically their ability to adopt new technologies, respond to market change, roll out new products, and prioritise resource appropriately.

Antony Jenkins, Founder of 10x Banking said, “Across the APAC region, whilst 83% of APAC decision makers feel that uncertainty across the banking sector has resulted in accelerated digital transformation, less than 8% are focusing on their core banking capabilities, which is where the opportunity for true transformation resides.

Jenkins added, “Banks in APAC have a tremendous opportunity to move from legacy to a modern cloud-based core, transforming their bank operations but also enabling them to address the huge deficit of accessible customers in the region. Southeast Asia’s 600 million population are either unbanked or underbanked resulting in communities lacking access to basic financial services.”

Richard Lim, Head of Sales said, “What is encouraging is the regulatory and industry focus supporting financial institutions to lower the barriers to entry. The need to move from slow, siloed banking systems to a single, seamless, and scalable operation across all business lines is a growing priority for banks in the region as they want to compete with the rise of the FinTech’s,” Lim explains.

10x is a cloud-native, API-enabled platform offering fully managed services developed to modernize core banking through flexible and modular solutions, offering banks a higher level of agility and personalization capability at a lower cost to serve.