Red Hat, recently shared that financial institutions across Asia Pacific including Malaysia’s AmBank Group have adopted Red Hat’s hybrid cloud architectures and practices to become more agile while helping to reduce costs and more effectively manage risks. Some of the other leading banks in APAC who are using Red Hat solutions are as: Bank BTPN, Bank BRI from Indonesia, China Merchants Bank from China, Cathay United Bank from Taiwan and Fukoka Financial Group from Japan.
AmBank Group is one of the country’s premier financial solutions groups with 43 years of experience. As part of its digital journey, the bank aims to provide better mobile banking and cash management in a manner that is easier, more simple and faster to its valued customers, across all touch points. To help achieve this goal, AmBank Group deployed Red Hat Enterprise Linux, Red Hat OpenShift Container Platform, Red Hat Virtualization and Red Hat Gluster Storage with the help of Red Hat Consulting.
“As part of our digital journey, it was critical for us to transform and innovate our services. By adopting Red Hat solutions, we were able to build up our digital capabilities with a more agile and scalable application delivery. This further helped us develop new applications and services to expand our market reach,” Datuk Iswaraan Suppiah, group chief operations officer, AmBank Group commented. “We have upgraded our digital banking experience and services for our valued customers, making their banking experience with us more convenient and seamless.”
100% of commercial banks in the global fortune 500 rely on Red Hat. Financial institutions are using Red Hat technology to automate and optimize IT processes; simplify front, middle and back office process; facilitate application and data integration; and modernize application development for better customer experience. Aside from AmBank Group, other financial institutions in the region that are leveraging Red Hat’s hybrid cloud architectures and practices include BTPN, Bank BRI, China Merchants Bank, Cathay United Bank and Fukuoka Financial Group.
The latest IDC Financial Insights research on the 101 Fast Growing FinTechs in Asia Pacific, covering 2017-2019 fintech to watch, highlights a rising level of commitment from traditional financial services institutions towards collaborating with fintechs or investing in them to build innovation competencies.
“Open source is increasingly seen as a gateway to quick innovation. Banks are leveraging open source to bring to market new business models, product features, and product propositions – and allowing that these are done fast and reliably,” Michael Araneta, associate vice president, IDC Financial Insights Asia Pacific stated. “Many of these new offerings require new application functionalities, new features or fixes that are deployed and redeployed quickly and continuously. The ability to innovate fast, and change just as quickly will be a key indicator for success for banks in the future.”
Financial institutions are often faced with complex transactions, growing volumes of data and increased regulation and may need to be more agile to better address consumer and regulatory needs for digital banking. This can call for an IT architecture and modern application development and delivery practices that can deliver greater speed, stronger security, and greater flexibility while also enhancing the way organisations work across the business, IT and their partners.
“The changes that are reshaping the financial services industry are providing financial institutions in APAC with opportunities to transform themselves to find new sources of competitive advantage,” said Benjamin Henshall, Director of sales, financial services, APAC, Red Hat.
“Red Hat’s open source solutions can offer an innovative, reliable foundation that can help financial institutions scale more dynamically, withstand failures, and adapt more quickly. This can help financial institutions focus on innovation and customer engagement while running their IT platforms at a lower cost of service,” he continues.