back Back

HSBC partners with Oracle to boost digital transformation

By Gloria Methri

October 19, 2022

  • Bank Modernisation
  • Cloud Banking Platform
  • Database
Share

HSBCHSBC, Europe’s largest lender, has joined forces with US tech firm Oracle, to boost the bank’s digital offerings and accelerate its digital transformation journey.

Under the multi-year agreement, the multinational bank will upgrade and migrate select database systems to Exadata cloud@customer, Oracle’s cloud platform.

The cloud platform will be delivered as a managed infrastructure service in HSBC’s own data centres and its deployment will help scale the bank’s mission-critical systems and services.

“Our strategy is to digitise the bank at scale, so that we can innovate faster for customers, and our collaboration with Oracle is important in advancing this transformation agenda,” said Frank McGrath, Chief Technology Officer, HSBC.

“We chose Exadata Cloud@Customer primarily for its ability to offer well known databases, with the benefit of a database-as-a-service platform, giving us the performance and operational agility, we need as we continue to grow and diversify our business,” McGrath added.

Exadata Cloud@Customer will enable HSBC to continue to use Oracle databases in support of its critical systems while retaining control of its data governance, thereby meeting data locality and security regulations.

The cloud platform will also enable HSBC to more easily bring cloud automation to manage legacy applications, and easily scale services according to customer and local market demands.

“We are working closely with HSBC to achieve this balance, enabling it to consolidate critical systems on a secure, scalable on-premises cloud platform and develop cloud-based services faster,” said Garrett Ilg, President Japan and Asia Pacific, Oracle.

Last November, HSBC partnered with the Abu Dhabi Global Market Digital Lab, a platform for financial institutions and FinTech firms, to test and develop solutions for the financial services sector.

Oracle, a Texas-based software major, currently has 40 cloud regions globally, with three in the Middle East, and the latest one opened in Abu Dhabi last November.

Previous Article

October 19, 2022

SadaPay deploys Verimatrix XTD technologies to bolster security

Read More
Next Article

October 19, 2022

Moneyfy and Raise Financial Services collaborate to deliver financial products

Read More








IBSi Daily News Analysis

March 22, 2024

Bank Modernisation

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Sindhuja Microcredit secures $14.5m in Series C Funding round

Read More

Today

Pulsate joins the Jack Henry™ Vendor Integration Program

Read More

March 27, 2024

5 Digital banks revolutionising the FinTech landscape in Hong Kong

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023