Australian Securities Exchange selects Google Cloud to power product innovation
As innovation in the financial services industry continues, the journey to the cloud is becoming increasingly important. While banks and other financial institutions can now leverage some aspects of the public cloud, regulators are still keeping a watchful eye on the adoption of such technologies.
In Australia, both cloud adoption and spending on cloud are expected to reach US$14.1 billion in 2025. Most of the spending will be supported by large-scale digital transformation initiatives taken up by both the public and private sectors.
As such, having a cloud partner is crucial in the transformation journey, especially with organizations having to scale and adapt based on their business needs. Google Cloud for example has already been partnering with numerous organizations in Australia, especially in their digital transformation journey.
Now, Google Cloud has been selected by the Australian Securities Exchange (ASX) as the preferred cloud partner to build out its data product innovation strategy. ASX has migrated its data and analytics footprint to Google Cloud, enhancing its capabilities to inform product innovation and extend access to insights for ASX and its local as well as global customers.
ASX’s data science and commercialization platform, DataSphere provides access to data, analytics, and innovation for ASX and its partners. ASX is leveraging Google Cloud’s industry-leading data and analytics technologies to drive actionable insights from the platform, with scale and security at the core. ASX’s deep ecosystem of financial data will provide its partners with access to unique datasets; deeper, machine learning-based insights; end-to-end governance; and tools to build, commercialize, and distribute new financial models to their customers.
According to Dan Chesterman, group executive, Technology and Data, Chief Information Officer at ASX, data is central to their strategy, especially with financial markets depending upon reliable, timely, and relevant data.
“We operate critical infrastructure that underpins both the Australian and New Zealand financial markets, so having access to best-in-class technology is critical. Our collaboration with Google Cloud enables us to make data and insights accessible in a flexible and scalable environment. It will help us bring new products and services to market faster,” commented Chesterman.
ASX is currently building new products by harnessing its debt, equities, and futures market data, while investigating opportunities to collaborate on product development with Google Cloud.
ASX’s technology transformation
The migration to Google Cloud, supported by implementation partner Servian, forms part of ASX’s broader business and technology transformation. The exchange is in the process of renewing several core platforms which will see the average age of the core equity market technologies drop from over 20 years to an average of fewer than five years. Through this modernization, ASX has introduced contemporary technology patterns and is digitizing more parts of its business to deliver an improved customer experience.
For Alister Dias, vice president of Google Cloud Australia and New Zealand, partnering with Google Cloud enables ASX to fast-track its product innovation, unifying its vast data estate and accelerating insights for all of its partners and truly unlocking the value of data and analytics.
At the same time, will skills shortage still a problem for organizations, Google Cloud and Servian have also delivered customized training and enablement plans for employees to empower them in building cloud and digital skills required to run DataSphere with Google Cloud technology for ASX.
The enablement is continuing with the co-design of a cross-ASX training program that will provide employees with an opportunity to learn and apply the latest technologies to their jobs. The outcome will be a workforce rich in cloud experience and poised to accelerate the exchange’s technology ambitions.
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