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ADBC signs Memorandum of Understanding with Tencent Cloud

By Edil Corneille

July 09, 2020

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Tencent CloudTencent Cloud, a provider of internet value added services in China, announced the signing of a Memorandum of Understanding (MoU) with Asia Digital Bank Corporation (ADBC) in Singapore, kicking off collaborations on cloud-based financial services and joint innovations towards a data-driven digital bank to boost local businesses in Singapore through technology and hands-on digital banking operations. Tencent Cloud has achieved the Outsourced Service Provider Audit Report (OSPAR) attestation as further proof of its commitment to meeting the high standards for cloud service providers set by Singapore’s financial services industry.

Poshu Yeung, Vice President of Tencent International Business Group said, “We are excited to explore our collaboration with Asia Digital Bank Corporation in creating cloud-based financial services, and together innovate in building a data-driven digital bank in Singapore. With our recent achievement of attaining the OSPAR standard, we are much more confident that our cooperation with Asia Digital Bank Corporation will showcase our capability to provide secure, high-quality cloud services.”

With support from Singapore-based Yincubator, ADBC is exploring its collaboration with Tencent Cloud to design and set up a technically advanced cloud platform in order to trigger and orchestrate new and existing workflows and processes in a dynamic and flexible way.

Nelson Goh, Board Director of Asia Digital Bank Corporation mentioned, “…ADBC believes in delivering contextualised personal experiences to its customers. To achieve this level of digital journey and customer-centricity, we need to automate the thousands of processes that underpin the customer journey. Doing this via cloud-based technology will result in an end-to-end, frictionless, and seamless process that connects internal core banking and legacy systems, complementary products, and cognitive system providers…”

Strategically implemented cloud services will allow ADBC to use resources in an extremely flexible and efficient way using data analysis, data storage, and batch processing. Tencent Cloud’s proven cloud technology will strengthen ADBC’s security and compliance as well as introduce automation to deliver improved efficiency and cost savings.

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