Alibaba Cloud Unveils Financial Service Solutions to Advance Industry Digitalization

4 mins read

18 January 2023

Cloud-native products grow Singapore’s Green Fintech ecosystem.

Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, today launched its suite of Alibaba Cloud for Financial Services solutions comprising over 70 products, to empower financial service institutions (FSIs) of all sizes with cloud computing infrastructure and enable a more transparent, efficient, and inclusive Green Fintech ecosystem. This is also in line with the Singapore government’s latest financial industry roadmap to catalyze Asia’s transition towards net-zero through Green Fintech.

To achieve ESG commitments in FSIs’ portfolios, migration to the Cloud from on-premises infrastructure became indispensable to accelerate growth and scalability whilst significantly reducing environmental impact. Moving to cloud can help FSIs reduce the carbon footprint of their IT operations, enhancing overall operational efficiency and therefore reducing cost.

Alibaba Cloud’s Financial Services solutions will support the entire digital journey of FSIs and give them easy access to cutting-edge cloud-native technology. They provide five core capabilities covering over 20 business scenarios to improve FSIs’ operational efficiency, customer experience, security, and compliance posture:

  • Robust and elastic cloud infrastructure, which is designed for FSIs to access Alibaba Cloud’s leading infrastructure, enables FSIs to effectively manage the day-to-day operations and the expansion of their digital capabilities with built-in cloud governance.
  • 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 offers a wide range of financial-grade cloud tools, middleware, and distributed database 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 electronic know-your-customer (eKYC) solutions, which helps financial institutions verify and onboard users online anytime and anywhere.
  • Customer insight generation and analytics solutions harness AI, blockchain, machine learning, and data analytics to help FSIs analyze and visualize omni-channel digital engagement intelligence, aiding the discovery of customer insights and enabling intelligence-driven decision-making.

“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.”

“On top of meeting the rapidly evolving customer expectations, we are seeing a growing demand for cloud among FSIs in Singapore is coming on the back of increasing need to reduce carbon emission and improve their green credit ratings. We believe promoting the transition to the cloud is a critical measure for achieving carbon reductions and efficiency enhancements to benefit a company’s profit and loss statement (P&L), elevate its brand values and deliver on its sustainability promises. Alibaba Cloud Financial Solutions support FCIs of all sizes on their sustainability path through infrastructure digitalization, and ultimately promote a green financial ecosystem in Singapore,” Dr Derek Wang, Singapore General Manager, Alibaba Cloud Intelligence.

A trusted partner to FSIs in Singapore

A recent survey commissioned by Alibaba Cloud found that the financial service sector’s top priorities in the 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), CITIC’s remote banking services, including real-time eKYC and video-based sales are now operating seamlessly on customers’ mobile devices without geographical restrictions.

“Alibaba Cloud’s mPaaS simplifies our application development process, and the application is lighter and smoother to use, which significantly improves the user experience,” Ji Jinxiang, Chief Information Officer, China CITIC Bank International Limited, said, “We have been working with Alibaba Cloud, and we look forward to implementing other technological innovations to increase our operational efficiency and customer satisfaction through our multifaceted collaboration.”

Rapidly growing FSIs are also seeing value from cloud solutions. Tiger Brokers is a leading online brokerage with a focus on bringing smart and accessible global investing. With the need to protect its core business intelligence and maximize the potential to scale according to business growth, Tiger Brokers partnered with Alibaba Cloud for its comprehensive product suite to fortify security at its infrastructure from network, systems, database, monitoring to mailing layers, and boost the network performance and availability.

“Instantaneous communication and notifications are critical to our clients who are spread out globally. The SMS and Direct Mail products are an essential add-on from Alibaba Cloud to keep the flow of communication alive, and also to upsell and cross-sell other services. As a broking service, network availability, performance, and protection from cyberattacks are critical to our peace of mind. Alibaba Cloud is the right partner as it has provided security to us at every level,” said Kelvin Liu, Vice President of Technology at Tiger Brokers.