- Shikha Patnaik
A Cloud Strategy for Transforming FSI Businesses
Businesses within the financial services industry (FSI) have very particular needs that must be met, in order for them to remain competitive. These businesses include but are not limited to banks, financial institutions, stockbrokers and insurance companies. Typically, their business would involve providing financial advice, offering a range of financial, banking or insurance products, managing financial assets and regulating financial activities.
The adoption of any technology advancement cannot be approached lightly. The integration of multiple solutions within hybrid cloud environments, the solving of digital transformation challenges clients face and the increasing demand for even greater automation needs to be set against these requirements to do so securely, consistently and while maintaining the highest performance standards.
The key needs of FSI businesses include:
● Cost reduction
● Disruption management
● Business continuity
● Modernisation Strategy
● Faster go-to-market strategy
● Agility and scalability
● RMIT (risk management in technology) compliance.
This is where IBM and Basis Bay choose to collaborate in order to help clients and partners approach their digital transformation with a robust plan, to increase automation and to work effectively in integrating multiple cloud solutions within hybrid cloud environments.
This involves the deployment of both IBM Cloud Satellite and Basis Bay’s Premium enterprise grade Sustainable Cloud for iO/S, pO/S and other UNIX platforms. Our goal is simple: enable customers to build their IT systems and enterprise platforms quickly, securely and wherever they are located.
Introducing Basis Bay’s Sustainable Hybrid Cloud solutions
Our proprietary and sustainable hybrid cloud solutions create an end to end offering. Basis Bay solutions are unique in ensuring zero capital expenditures (CAPEX) and reduced operational expenditures (OPEX) especially for short-term projects.
This means reduced energy consumption. The Basis Bay Cloud, therefore, delivers a measurable impact on business performance.
In a recent exclusive preview of Basis Bay’s Sustainable Cloud Solutions which included IBM Cloud Satellite, guests heard how IBM’s Cloud Satellite and Basis Bay’s Cloud Solutions could transform and complement their cloud strategy. At the session which took place on 22 July at the Majestic Hotel Kuala Lumpur, North America-based Utpal Mangla, General Manager - IBM Cloud Satellite shared how IBM’s Cloud Satellite, through an agile consumption model, provided consistent operations, governance and flexibility while maintaining data sovereignty.
Guests comprised CTOs, CIOs and Heads of IT of leading FSI businesses and partners including KPMG, Tokio Marine, Liberty Insurance, Zurich Insurance, EXIM Bank, SME Bank, KAF Equities, KWAP, Mandiri Remittance and more. The event was also attended by Dato' Praba Thiagarajah, Executive Chairman - Basis Bay Group, Catherine Lian, Managing Director - IBM Malaysia, and Li Chin Yeo, General Manager - VSTECS.
The value of IBM Cloud Satellite
IBM Cloud Satellite is suitable for the FSI sector and operates across multi-zone regions. It is designed to enable the security, compliance and agility required to achieve all the benefits that cloud transformation promises. It does this in a trusted environment that supports banks’ confidential data, the ecosystem of financial institutions and their software or SaaS vendors.
The robustness and trust in the solution comes from the fact that it operates on the IBM Cloud Framework for Financial Services. This is a standard set of controls and architectures which meets global regulatory requirements for cybersecurity, data security and risk management.
Basis Bay brings IBM Cloud services securely to any environment and provides the necessary support that clients require to access cloud services easily, securely and consistently.
“From an IT perspective, IBM Cloud Satellite provides a platform for streamlined cloud-native application development, delivery and operations. From a network perspective, it delivers a dynamic and flexible telco cloud fabric. It unlocks new revenue from edge services securely. The 5G network is secure from the core to the edge. This means a few things. You gain a single point of control across networks, apps, devices and data. You locate your workloads wherever you need them. You’re able to simplify operations for distributed workloads”, Mangla commented.
A business’s cloud strategy is critical in enabling the business to move forward to the cloud, while balancing expected benefits against managed risks.
In his closing comments, Reuben Oh, Director of Strategic Business at Basis Bay commented, “The Basis Bay – IBM partnership for the Cloud Satellite in the ASEAN region will provide the financial services and the enterprise sectors a secure cloud environment and a quick boost in their cloud journey, even complementing the other public cloud providers. With the Cloud Satellite, data residency, sovereignty and the highest security are assured."