Alibaba Cloud has launched a suite of Alibaba Cloud for Financial Services solutions, comprising over 70 products designed to help financial services institutions (FSIs) of all sizes across banking, insurance, securities and finTech digitalize their operations.
These solutions are designed to support every stage of an FSI’s digital journey and provide easy access to cutting-edge cloud-native technology. Together, they deliver five core capabilities covering over 20 business scenarios to improve FSIs’ operational efficiency, customer experience, security and compliance.
“Our new solutions have been built in response to growing demand from FSIs around the world for cloud products capable of accelerating their digitalization and enhancing the customer experience,” said Raymond Xiao, head of International Industry Solutions and Architecture, Alibaba Cloud Intelligence. “By leveraging our extensive cloud capabilities and industry know-how, we have developed a comprehensive suite of solutions to advance growth and innovation in the finance sector. We look forward to further expanding our product offering as well as the geographic coverage of our services to support more FSIs in the future.”
A recent survey commissioned by Alibaba Cloud found that the financial service sector’s top priorities in Asia Pacific were to accelerate multi-cloud migration, increase automation and build analytics platforms.
Alibaba Cloud’s financial service solutions are designed to help FSIs overcome challenges and meet their strategic priorities. For example, China CITIC Bank International (CITIC), a leading Hong Kong-based commercial bank, was looking for ways to enhance its flagship mobile banking platform, “inMotion”. By leveraging Alibaba Cloud’s Mobile Platform-as-a-Service (mPaaS) solutions, CITIC’s remote banking services, including real-time eKYC and video-based sales, are now operating seamlessly on customers’ mobile devices without geographical restrictions.
Rapidly growing FSIs are also seeing value from cloud solutions. GCash, a leading Philippine-based mobile wallet enterprise, partnered with Alibaba Cloud to overcome the challenges their platform was facing from a rapid user base expansion. GCash adopted a mix of solutions, including eKYC, IaaS, ApsaraDB RDS databases and Object Storage Services to scale their operations and accommodate the traffic spike during the pandemic. The FinTech company also adopted security products such as Web Application Firewall and Anti-DDoS to protect their platform from DDoS attacks and other threats.
"The Philippines still has a large unbanked population, and one of our goals is to offer a digital life that enables democratization of access to financial services like savings, credit, insurance and investment. With Alibaba Cloud’s solutions, we have the ability to operate on a secure technology infrastructure that can scale in real-time and keep pace with the customers seeking new ways to transact,” said Mark Frogoso, GCash’s chief information security officer.
Touch 'n Go Digital (TnG Digital), a Malaysia-based company providing mobile e-wallet services, required secure, agile and scalable technology to support its business growth. Through Alibaba Cloud’s Elastic Compute Service, Content Delivery Network (CDN), and EMAS Mobile Test solutions, TnG Digital was able to expand their services effectively. The e-wallet provider also leveraged Alibaba Cloud’s Database Backup Services and PolarDB solution to reduce backup time and ensure peak performance during traffic spikes.
“Alibaba Cloud's dedicated support team actively responds and provides high-quality support services, helping TNG Digital find quick solutions to any problems around the clock. In addition, their cutting-edge cloud technology and comprehensive security solutions enable TNG Digital to meet regulatory requirements and deliver products to market faster,” said Leslie Lip Mun Foong, CTO of Touch'n Go Digital.
Bank Sumut, an Indonesian financial bank, was looking for a cloud service provider with robust infrastructure and security capabilities to accelerate its digital transformation. The bank partnered with Alibaba Cloud for its solution stack, including WAF, Security Center and ApsaraDB for RDS, which proved ideal for streamlining Bank Sumut’s business processes, addressing its security needs and meeting its application requirements.
“Alibaba Cloud’s complete solution stack plays a critical role in helping us streamline our business processes, enhance the security features and [hasten] the application deployment and implementation procedures,” said Mahdian Dado, head of IT Division, Bank Sumut. “In the future, we plan to further strengthen the collaboration and fully leverage the container and microservice capabilities of Alibaba Cloud to foster our digital transformation journey.”