Asia Digital Bank and Tencent Cloud sign MoU
Tencent Cloud, the cloud computing arm of Tencent, has announced that it has signed a Memorandum of Understanding (MoU) with Asia Digital Bank Corporation (ADBC) in Singapore.
The signing of the MoU signals the kicking off collaborations on cloud-based financial services and joint innovations towards a data-driven digital bank to boost local businesses in Singapore through innovative technology and hands-on digital banking operations, according to a press release by Tencent Cloud.
The agreement was signed in a virtual conference attended by Elong Huang, General Manager of Tencent Cloud South East Asia Region; Carlos Hu, General Manager of Tencent Finance Cloud; and Dr. Li Shan, Chairman of ADBC. It sets ADBC off to discuss utilising Tencent's financial cloud platform in providing best-in-class digital banking services, while Tencent Cloud looks to offer top-notch capabilities and solutions to power up Asia Digital Bank Corporation's digital banking initiative, according to the press release.
The recent spread of Covid-19 has exposed the need for updated banking services to complement traditional banking processes. With the demand for tailored financial solutions and money management tools higher than ever, ADBC must innovate further around its customers' financial well-being, read a statement by the firm.
In the most customer-centric era, fostering digital empathy is one of the top priorities for ADBC. Aiming to create tailored offerings according to customer profiles and to offer intelligent advice and recommendations to its customers whenever they need it, ADBC, with support from Yincubator Private, a Singapore-based innovation advisory firm, is exploring its collaboration with Tencent Cloud to design and setup a technically advanced cloud platform in order to trigger and orchestrate new and existing workflows and processes in a dynamic and flexible way. This will allow ADBC to detect crucial events in customers' lives – so-called "business moments" – to identify customers' challenges, desires, and goals.
Strategically implemented cloud services will allow ADBC to use resources in an extremely flexible and efficient way using data analysis, data storage, and batch processing. Tencent Cloud's proven cloud technology will strengthen ADBC's security and compliance as well as introduce automation to deliver improved efficiency and cost savings.
Bolstering the agreement with ADBC, Tencent Cloud has achieved the Outsourced Service Provider Audit Report (OSPAR) attestation as further proof of its commitment to meeting the high standards for cloud service providers set by Singapore's financial services industry. It demonstrates Tencent Cloud's ability to deliver any requirement in its collaborations and assures that it maintains the same level of governance, rigor and consistency as financial institutions in Singapore.
Poshu Yeung, Vice President of Tencent International Business Group, said: “We are excited to explore our collaboration with Asia Digital Bank Corporation in creating cloud-based financial services, and together innovate in building a data-driven digital bank in Singapore. With our recent achievement of attaining the OSPAR standard, we are much more confident that our cooperation with Asia Digital Bank Corporation will showcase our capability to provide secure, high-quality cloud services.”
Nelson Goh, Board Director of Asia Digital Bank Corporation, said: “We are grateful to be given the chance to explore with Tencent Cloud in utilising its OSPAR-attested cloud services in building our vision for innovative digital banking operations in Singapore. ADBC believes in delivering contextualised personal experiences to its customers. To achieve this level of digital journey and customer-centricity, we need to automate the thousands of processes that underpin the customer journey. Doing this via cloud-based technology will result in an end-to-end, frictionless, and seamless process that connects internal core banking and legacy systems, complementary products, and cognitive system providers.”
“ADBC is committed to providing best-in-class digital banking services to its small- and medium-sized enterprise clients once it is successfully granted the wholesale banking license in Singapore. More importantly, ADBC aims to be an empathic digital bank that exceeds customer expectations. Our proposed collaboration will undoubtedly help us achieve our goal of serving SMEs in the country, focusing on inclusive and green finance and creating a regional flagship, Singapore-based digital bank,” continued Nelson.