Alibaba Cloud unveils suite of financial services solutions

By Leandra Monteiro

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 digitalise their operations.

These solutions are designed to support every stage of a FSI’s digital journey and provide easy access to 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.”

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 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.

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.

Bank Sumut, an Indonesian financial bank, was looking for a cloud service provider with robust infrastructure and security capability to accelerate its digital transformation. The bank partnered with Alibaba Cloud for its solution stack – including WAF, Security Center and ApsaraDB for RDS – which was ideal for streamlining Bank Sumut’s business processes, addressing its security needs and meeting its application requirements.