DBS bank collaborates with Amazon Web Services (AWS) in a move to become more “fintech-like” and responsive to customer needs. Changing the way the traditional data center works, DBS says its “early adoption” of the cloud will create a hybrid cloud environment optimized for rapid changes of capacity and functionality.
The agreement with AWS was signed after a deep evaluation was done by DBS. The bank also did Proof of Concept experimentation to explore how AWS can be leveraged to augment the bank’s existing data centers. DBS ensured that the implementation meets requirements of the Monetary Authority of Singapore’s Technology Risk Management guidelines. In addition, the bank has established additional technology standards, internal approval toll gates, and data encryption standards specific to its adoption of cloud.
David Gledhill, Head of technology and operations, DBS Bank said,
In today’s fast-changing world, companies such as Amazon, Facebook, Google, and Netflix are widely acknowledged as leaders in innovation. What sets them apart is their ability to constantly experiment, automatically scale, and rapidly bring new features to market. They are able to do this in part by leveraging the flexibility provided by cloud technology.
AWS will be used for DBS’ Treasury and Markets business for the purpose of pricing and valuing financial instruments for risk management, with the bank saying such a task requires extensive computing power. Additionally, it will allow the bank to have a quick and cost-effective way of handling short-term surges in trading volumes.
DBS CEO Piyush Gupta said,
They’re re-imagining our world very differently from how we had imagined it.
He added that this had pushed the need for traditional players such as DBS to rethink the customers’ journey and improve its service delivery. Organizations also would need to adopt a new mindset to fully transform its business model.
We are excited that DBS has chosen AWS to support their digital transformation, so that they can take advantage of the many benefits of the AWS Cloud infrastructure, which has been architecture to be the most secure, reliable, and flexible cloud computing environment in the world. AWS continues to work closely with financial institutions around the world so that they can move to the cloud with confidence.
says Nick Walton, Head of ASEAN, Amazon Web Services.
The cloud will enable the bank to experiment in a digital way as well as deliver new applications rapidly, while adhering to the highest standards of security. It is expected that 50 percent of its compute workload to be in the cloud by 2018.