DBS looks to the cloud to become more 'fintech-like'
28 July 2016 | 9413 views | 0
Singapore's DBS Bank has signed up with Amazon Web Services (AWS) as it prepares to shift up to half its compute workload to the cloud over the next two years.
The bank says that by adopting a hybrid cloud environment it can be more "fintech-like" and more responsive to customer needs, experimenting and delivering new applications quickly.
The implementation comes after proof-of-concept experimentation and meets the Monetary Authority of Singapore's technology risk management guidelines, says DBS.
One of the first use cases for AWS is in DBS’ treasury and markets (T&M) business, where the cloud will be used for pricing and valuing financial instruments for risk management - something which 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 cost-effective way of handling short term surges in trading volumes such as those recently caused by Brexit.
DBS says that over time it plans to extend the use of AWS and could shift up to 50% of its compute workload to cloud by 2018.
David Gledhill, head, technology and operations, DBS, say: "In today’s fast-changing world, companies such as Amazon, Facebook, Google and Netflix are widely acknowledged as leaders in innovation. 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."