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DBS will use Amazon Web Services’ cloud technology for better bank services

By Liu Hongzuo - on 29 Jul 2016, 11:26am

DBS will use Amazon Web Services’ cloud technology for better bank services

Earlier this week, DBS Bank signed an agreement with Amazon Web Services (AWS) in a bid to become more competitive in the financial technology sector. The bank will be using AWS’s cloud technology to create an environment that allows the bank to optimize its capacity and functionality.

“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,” said David Gledhill, DBS Head of Technology and Operations.

DBS’s utilization of AWS aims to complement the use of the bank’s data centers. One of the first attempts will involve using AWS’s cloud technology to price and value financial components within the risk management business, as the computing power for such tasks can be extensive.

The implementation of AWS’s cloud technology also gives DBS Bank the freedom to scale the capacity of their computing grid without the need to provide for permanent overcapacity. This makes the bank more responsive to industry changes, as well as ensuring cost-effectiveness. Examples of this services coming into play would be the handling of short term surges in trading volumes – like the ones caused by the recent Brexit referendum.

The bank aims to shift up to 50% of its computation workload to the cloud within a two-year period. DBS claimed that the new technology meets the requirements of the Monetary Authority of Singapore’s (MAS) Technology Risk Management guidelines.

“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 architected 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,” said Nick Walton, Head of ASEAN, Amazon Web Services.

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