Standard Chartered Selects AWS’ Cloud Services in 60 Marketsby Fintech News Singapore November 12, 2020
Standard Chartered Bank has signed on Amazon Web Services (AWS) for a five-year agreement to run its banking systems and customer-facing applications on the latter’s cloud infrastructure.
The partnership deepens the existing relationship between the two companies to deliver new personalised banking services in the bank’s 60 markets worldwide.
Using AWS’s infrastructure and cloud services across its entire business will enable the bank to be more responsive to customer needs and create new applications.
Adopting a cloud-first approach, Standard Chartered will use AWS services including database, containers, compute, networking, storage, and security.
Standard Chartered is using Amazon Elastic Kubernetes Service (Amazon EKS). For example, the bank launched its nexus banking-as-a service solution and Mox, its new virtual bank in Hong Kong, on AWS and continues to leverage AWS’ services to add new functionality to both.
The bank’s global payments system, SC Pay, and core banking system, eBBS, are cloud-native services that use Amazon Aurora, a cloud-native relational database, to store details of banking and e-commerce transactions, including micropayments, reportedly resulting in faster and more secure transfer of funds with reduced cost per transaction.
Standard Chartered’s Financial Market business, which includes risk management, financing, and investment services, uses AWS to run algorithms that assess market risk and leverages Amazon Elastic Compute Cloud (Amazon EC2) to enable the bank to flexibly scale up those workloads during peak demand.
“A cloud-first strategy allows us to be more agile and client-focused so our customers have better experiences and faster access to innovative new products. At the same time, we are improving our operational efficiency and resilience by using the best-in-class security, privacy, and compliance delivered through cloud infrastructure.”
said Dr. Michael Gorriz, Group Chief Information Officer of Standard Chartered.
“Standard Chartered Bank has been a trusted financial institution for the last 160 years and we are pleased that they have selected AWS as a strategic cloud provider to drive their digital transformation, while operating more efficiently and securely in the cloud,”
said Frank Fallon, Vice President, Financial Services at Amazon Web Services, Inc.
“With this agreement, Standard Chartered is relying upon the most secure, reliable, and flexible cloud computing environment in the world. AWS’ unparalleled experience in powering global financial institutions will enable Standard Chartered to transition to the cloud with confidence and innovate faster than ever before.”
Featured image credit: Standard Chartered Bank