Alibaba Cloud Unveils Financial Services Solutions to Advance Industry Digitalisation

Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, launched its 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 to digitise their operations.

These solutions are designed to support every stage of a 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:

  • Robust and elastic cloud infrastructure to enable FSIs to effectively manage their day-to-day operations and the expansion of their digital applications via build-in cloud governance capabilities.
  • Security and compliance solutions give FSIs confidence that they are operating in compliance with regional and industry-specific security and regulatory requirements.
  • Agility in business application development is achieved through a wide range of financial-grade cloud tools, middleware and distributed database products for developing cloud native applications, as well as the ability for FSIs to manage workloads through Alibaba Cloud’s public and hybrid cloud platforms, their own premises or via multi-cloud environments in a scalable and flexible way.
  • Digital onboarding and servicing leverages various Software-as-a-Service (SaaS) and hybrid cloud deployments to support mobile and digital operations, remote video-based sales platforms and an electronic know-your-customer (eKYC) solution, helping FSIs verify and onboard users online anytime and from anywhere.
  • Customer insights generation and analytics solutions harness Artificial Inteliigence, blockchain, Machine Learning and data analytics to help FSIs analyse and visualise omni-channel digital engagement intelligence, aiding the discovery of customer insights and enabling intelligence-driven decision making.

“As the Malaysian market continues to respond and grow towards the light of digitalisation, it’s imperative that Alibaba Cloud continues that momentum by catering to the growing need, in this case, cloud-based solutions and products aimed at FSIs,” said Kun Huang, General Manager of Malaysia, Alibaba Cloud Intelligence. “By leveraging our extensive cloud capabilities and extensive industry know-how, we are able to develop and deliver a comprehensive suite of solutions aimed at advancing the growth and innovation of businesses in the financial sector. It is our strong hope that by expanding our product offerings in FSIs that we are able to see more opportunities for growth in future.”

Trusted Partner of FSIs across Malaysia

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.

Rapidly growing financial organisations among public sectors are also seeing value from cloud solutions. Sabah Pay, the first Sabah state government’s e-Wallet was launched to enhance the local financial inclusion, making financial services accessible and affordable, filling the void of inaccessibility to rural areas as well as promoting urbanisation. By leveraging Alibaba Cloud’s IaaS service, Sabahans are able to conduct and record payments through a variety of citizen-centric services, as well as acting as a one-stop source for every visitor to know more about the state. The IaaS system also offers elasticity and scalability, while maintaining cost efficiency.

George Taitim Tulas, CEO at Sabah Credit Corporation (SCC), the founding organisation said: “Our first choice was to seek the services of Alibaba Cloud. Its extensive list of successful case studies, as well as the team’s commitment, dedication and professionalism, has proven to be the perfect choice for Sabah Pay. They are always committed to delivering the best services and solutions, and initial test runs with their IaaS system showed very positive results. We look forward to taking this collaboration to the next level in the near future.”

In addition, Touch ‘n Go Digital (TnG Digital), a Malaysian-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.

Alibaba Cloud’s financial service solutions serve more than just singular end-users as on the other end of the spectrum lies macro organisations such as Permodalan Nasional Berhad (PNB), which has grown to become one of Malaysia’s largest fund management companies. PNB leverages on the strength of Alibaba Cloud’s advanced infrastructure to not just gain scalability but also boost speed to market. Furthermore, Alibaba Cloud has helped PNB maintain network and system efficiencies to ensure its customers can seamlessly access their accounts without any downtime or delay.

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