The recent Alibaba Cloud Summit 2022 in Manila is one more example of the flourishing relationship between Alibaba and Hi Sun FinTech Global (HSG).
On top of this most recent event, we were thrilled to receive the partnership award for the best technology at the 2022 Go Global Summit hosted by Alibaba Cloud in Phuket, Thailand.
A Partnership Stemming From Innovation
Our partnership award from the Go Global Summit resulted from the Hi Sun Banking Suite (HBS) launch on Alibaba Cloud.
The jointly-run HBS end-to-end digital banking solution–developed by Alibaba Cloud and HSG–enables clients to evolve into digital banking systems. More to the point, our shared technology is rooted in digital transformation, empowering users to leave their legacy core banking systems in the past.
Alibaba Cloud Summit 2022 in Manila
At the Alibaba Cloud Summit 2022 in Manila, those in attendance were privy to high-level discussions and presentations that offered a more profound understanding of cloud technology.
The audience learned how the cloud’s vast, immersive spectrum can help grow and scale their business, contributing to a competitive advantage via digital transformation.
Many experts spoke at the summit, including the Vice President of Alibaba Group and General Manager of Alibaba Cloud Intelligence International Business Unit, Selina Yuan. Another speaker was Leo Liu, the General Manager of Alibaba Cloud Macau, Hong Kong, and the Philippines.
The Undersecretary for ICT Industry Development Department of Information and Communications Technology, Jocelle Batapa-Sigue, spoke as well. Also speaking at the summit was Scott Darrow, the CTO at UBX.
These examples are only the tip of the iceberg. A wide range of high-ranking industry professionals participated in immersive, transformative discussions.
One of those industry thought leaders was HSG’s General Manager, Sisi Yu, who partook in an engaging fireside chat/panel discussion.
The Philippines Is At The Forefront Of The Digital Transformation
Sisi had the good fortune of speaking to a very engaged audience at the Alibaba Summit in Manila. After all, fintech has emerged as one of the Philippines’ highest investing industries in cloud technology. Many consider the country at the forefront of the digital banking transformation.
In a broader sense, Sisi aimed to discuss the fintech industry’s current standing, how far it’s come along, and what’s about to change during the post-COVID transition.
Hong Kong Sets An Example For Open Banking Regulation
Sisi was first asked about fintech companies like UBX working toward open finance. Specifically, she was asked to address how this approach impacts the financial services industry overall direction and the role of the cloud and other emerging technologies in this nationwide and sector-wide shift.
HSG’s General Manager answered that the growth of the API economy is crucial in achieving open banking. She cited how the Hong Kong regulator, HKMA, has set up an Open API Framework to enable industry-wide collaboration between banks and third-party service providers (TSPs) in Hong Kong. Together, these companies work to improve the customer experience by developing innovative and integrated banking services.
COVID-19 Has Been A Catalyst For Digital Transformation
Due to COVID lockdowns, consumers and businesses embraced technology on a whole new level, demanding their online services perform better than ever before, explained Sisi.
Businesses needed to respond to these constantly evolving demands with immediacy, so they used cloud technology for the most possible agility. In doing so, they enhanced customer service by scaling up or down or adopting a new platform.
Cloud technology minimises CAPEX when businesses need to get to market fast. It enables tools like automated loan approvals, chatbots, AI, and natural language processing to transform and bolster the customer experience.
HSG provides APIs to improve ecosystem penetration. We also offer deployment flexibility to leverage the most updated cloud infrastructure, helping create a foundational platform to lower customer service costs. Plus, we make on-premise and SaaS options available.
What Are The Pain Points Of Cloud Integration?
During the fireside chat, Sisi acknowledged potential pain points with cloud integration, such as:
- Core banking systems are a bank’s operational foundation, making migration risky.
- Addressing legacy dependencies means facing complex data structures.
- Security is challenging when moving customer data to the cloud.
Thus, strategy, foresight, and planning are vital to successful cloud transformation.
Sisi highlighted that navigating these pain points is well worth it to financial institutions migrating their legacy systems to cloud or open platforms. In doing so, they’ll reduce security risks and cost pressure while gaining independent control.
To the above points, HSG has consistently shown it’s on the cutting edge through:
- Evolving tech platforms (e.g., going from mainframe to open platform and cloud-native distributed technology systems)
- Development methodologies such as microservices
- Unique implementation scenarios
- Strengthening SMEs across multiple technology eras
The Government And Industry Regulators’ Role In The Budding FSI
During the chat, Sisi was asked about the Government and Industry regulators’ roles in the digital banking transformation. She explained that the government has promoted fintech initiatives actively. These efforts are meant to spearhead competition and innovation in the financial sector.
Then, Sisi pointed out the need to open more government service APIs to boost automation, increase efficiency, and improve business continuity. She cited the value of talent development in fintech to nurture local professionals. For example, the Hong Kong government supports and funds fintech startups to foster an innovative environment and build connections between the city’s financial sector and academic/research institutions.
Sisi also suggested uniting fintech investors, startups and related ecosystem players (e.g., FinTech Week in Hong Kong) with panel discussions and pitching sessions for startups.
A Successful Summit Nurturing A Budding Partnership
HSG is forever thankful to Alibaba for the opportunity to meet potential clients and various partners in the Philippines at the 2022 Summit. We look forward to our transformative partnership thriving for years to come.