Alibaba Cloud further support Malaysian financial services digitalization effort

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Alibaba Cloud further supports Malaysian financial services digitalization effort

  • The suite of Alibaba Cloud for Financial Services solutions, comprises over 70 products designed to help financial services institutions (FSIs) of all sizes
  • With cloud-based solutions and services targeted towards FSIs, Alibaba Cloud is continuing to meet the growing need for digitalization in Malaysia

For many industries, the era of digitalization has been a game changer, but the financial services sector has been particularly affected. However, it also has been benefited by technologies as well – especially in Asia.

New business models are now proliferating throughout Asia’s financial services sector, promising to revolutionize how transactions are facilitated and clients are cared for. That’s where the development of fintech began, to satisfy customers’ needs in digital payments as more and more things moved online.

By 2025, the value of transactions involving digital payments will surpass US$1 trillion, according to a report by Google, Temasek, and Bain & Company.

Fintech is currently among the most innovative industries. In fact, it existed before COVID served as a catalyst for widespread digitization. Financial services, however, are falling behind in several regions of the world in terms of utilizing this digitization era.

To help financial services institutions (FSIs) of all sizes across banking, insurance, securities, and fintech digitalize their operations, Alibaba Cloud, the digital technology and intelligence core of the Alibaba Group, recently launched its suite of Alibaba Cloud for Financial Services solutions. This suite includes over 70 products.

With these solutions, FSIs can easily access cutting-edge cloud-native technology at every level of their digital transformation. To enhance the operational effectiveness, customer experience, security, and compliance of FSIs, they collectively supply five basic capabilities that span more than 20 business scenarios:

  • A robust and elastic cloud infrastructure with built-in cloud governance capabilities that enables FSIs to efficiently manage their daily business operations and the growth of their digital applications
  • Security and compliance tools give FSIs peace of mind that their operations adhere to national, regional, and sector-specific security and regulatory standards.
  • 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 manner, as well as a wide range of financial-grade cloud tools, middleware, and distributed database products, enable business application development to be more agile.
  • Digital onboarding and servicing use a variety of 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, assisting FSIs in online user verification and onboarding anytime, anywhere.
  • Customer insights generation and analytics solutions use AI, blockchain, machine learning, and data analytics to assist FSIs in analysing and visualizing omni-channel digital engagement intelligence, assisting in the discovery of customer insights, and facilitating intelligence-driven decision making.

As the Malaysian market responds to and develops in the direction of digitalization, according to Kun Huang, General Manager of Malaysia, Alibaba Cloud Intelligence, it is critical that Alibaba Cloud maintain this momentum by meeting the rising demand, in this case, for cloud-based products and solutions targeted at FSIs.

“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,” said Huang.

Financial services institutions across Malaysia gets a piece of digitalization

According to a recent survey commissioned by Alibaba Cloud, building analytics platforms, accelerating multi-cloud migration, and increasing automation are the financial services industry’s top goals in Asia Pacific.

Rapidly expanding financial institutions in the public sector, like Sabah Pay, the first e-Wallet issued by the Sabah state government, are also benefiting from cloud solutions. Sabahans are able to conduct and record payments through a range of citizen-centric services by utilizing Alibaba Cloud’s IaaS service.

In addition to that, through Alibaba Cloud’s Elastic Compute Service, Content Delivery Network (CDN), and EMAS Mobile Test solutions, Touch ‘n Go Digital (TnG Digital), a Malaysian-based company providing mobile e-wallet services, was able to expand their services effectively.

Furthermore, Alibaba Cloud’s financial service solutions serve more than just singular end-users as on the other end of the spectrum lies macro-organizations such as Permodalan Nasional Berhad (PNB). PNB leverages on the strength of Alibaba Cloud’s advanced infrastructure to not just gain scalability but also boost speed to market.