DBS leverages on Amazon Web Services' cloud
By Digital News Asia August 2, 2016
- DBS Bank will be able to deliver new applications rapidly
- Bank may shift up to 50% of its compute workload to cloud within a 2yr period
With this, DBS will create a hybrid cloud environment "optimised for rapid changes of capacity and functionality," it said in a statement, which is complementary to the bank’s traditional use of data centres.
DBS’ adoption of cloud comes amid a digital revolution that is redefining the banking industry. With the use of cloud, the bank is better able to experiment in a digital way as well as deliver new applications rapidly, while adhering to the highest standards of security, it said.
“In today’s fast-changing world, companies such as Amazon, Facebook, Google and Netflix are widely acknowledged as leaders in innovation," saidDBS head of Technology and Operations, David Gledhill.
"What sets them apart is their ability to constantly experiment, automatically scale and rapidly bring new features to market. They are able to do this in part by leveraging the flexibility provided by cloud technology,” he added.
DBS said its agreement with AWS was signed after a period of evaluation by DBS, as well as Proof of Concept experimentation, to explore how AWS can be leveraged on to augment the bank’s existing data centres.
DBS has worked to ensure the implementation meets the requirements of the Monetary Authority of Singapore’s Technology Risk Management guidelines. In addition, DBS has established additional technology standards, internal approval toll gates, and data encryption standards specific to its adoption of cloud.
One of the first use cases for AWS is in DBS’ Treasury and Markets (T&M) business. The bank will leverage AWS for the purpose of pricing and valuing financial instruments for risk management as this requires extensive computing power.
AWS gives DBS the flexibility to rapidly scale the capacity of its computing grid up or down, without having to make provisions for permanent overcapacity. In the T&M case, it will allow the bank to have a quick and yet cost-effective way of handling short term surges in trading volumes such as those recently caused by Brexit.
The bank envisages extending its usage of AWS over time and may shift up to 50% of its compute workload to the cloud within a two-year period.
DBS is a financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, it has a growing presence in Greater China, South-East Asia and South Asia. DBS provides a full range of services in consumer, SME and corporate banking.
Fewer data centres in the future: AWS CTO
DBS introduces Apple Pay in Singapore
AWS burnishes its enterprise credentials with host of goodies
For more technology news and the latest updates, follow us on Twitter, LinkedIn or Like us on Facebook.