Singapore-based Asia Digital Bank (ADBC) has signed a memorandum of understanding (MoU) with Tencent Cloud, the cloud computing arm of Tencent.
The collaboration entails launching of cloud-based financial services and innovations for a data-driven digital bank to support local businesses in Singapore.
Tencent Cloud capabilities and solutions will power ADBC’s digital banking initiative in the country.
Tencent Cloud provides access to advanced cloud-based infrastructure required in online games, live broadcast and financial services. It has operations in 25 regions and 53 availability zones globally.
Tencent International Business Group VP Poshu Yeung said: “We are excited to explore our collaboration with Asia Digital Bank Corporation in creating cloud-based financial services, and together innovate in building a data-driven digital bank in Singapore.”
ADBC will leverage Tencent’s financial cloud platform to offer best-in-class digital banking services to small and medium enterprises (SMEs).
The bank will be able to use data analytics, data storage and batch processing flexibly.
The cloud technology will not only bolster its security and compliance but also automate efficiency and result in cost savings, noted Tencent.
ADBC board director Nelson Goh said: “We are grateful to be given the chance to explore with Tencent Cloud in utilising its OSPAR-attested cloud services in building our vision for innovative digital banking operations in Singapore.
“ADBC is committed to providing best-in-class digital banking services to its small- and medium-sized enterprise clients once it is successfully granted the wholesale banking licence in Singapore.”