VP Bank’s Subsidiary FE Credit Migrates Its Mission-Critical Apps to AWS’ Cloudby Fintech News Vietnam April 30, 2021
Amazon Web Services (AWS) announced that FE CREDIT, a consumer lender in Vietnam and subsidiary of VP Bank, is moving the vast majority of its IT infrastructure to cloud.
With the move to AWS, FE CREDIT said that it is Vietnam’s first non-bank financial services provider to be fully hosted in cloud.
This will allow it to respond faster to the company’s business objectives in market penetration and expansion.
FE CREDIT has migrated most of its mission-critical applications to AWS, including the Infosys Finacle Digital Banking solution suite, and its own $NAP and SHIELD mobile applications for consumer loan, credit card, and insurance products.
Leveraging AWS’ broad and deep portfolio of cloud services, including containers, serverless, and databases, enables FE CREDIT to launch new consumer products faster while lowering costs.
By scaling its workloads based on demand using Amazon Elastic Compute Cloud (Amazon EC2), FE CREDIT reduced the time required to deploy new functions for Finacle Digital Banking from three months to two weeks and expects to reduce infrastructure maintenance and operation costs over the next five years.
FE CREDIT can also monitor and automate compliance more easily by leveraging AWS’s reliable and secure infrastructure, while continuing to store personal customer data safely in its on-premises environment in Vietnam.
“At FE CREDIT we focus on providing our customers with innovative financial services that exceed their expectations. And moving our entire infrastructure to AWS is part of our decision to scale up our capacity for innovation.
We gain the speed and agility required to launch new financial services more easily, and we are better able to fulfil the financial needs of future customers,”
said Kalidas Ghose, Vice Chairman and Chief Executive Officer at FE CREDIT.
“Cloud technology helps financial services companies to rapidly deliver more innovative and personalized customer services.
By going all-in on the world’s leading cloud, FE CREDIT gains access to an unmatched portfolio of cloud services to remove technology barriers in the financial services industry and invent services which solve meaningful customer problems.”
said Conor McNamara, Managing Director of ASEAN at AWS.