Standard Chartered chooses AWS for banking innovation

By November 13, 2020Cloud, News

Standard Chartered chooses AWS for banking innovation

Standard Chartered chooses AWS for banking innovation

Standard Chartered has selected Amazon Web Services (AWS) to drive banking innovation and deliver new digital banking services.

The international banking group signed a five-year strategic agreement with the cloud giant to adopt a cloud-first approach in 60 markets worldwide.

“A cloud-first strategy allows us to be more agile and client-focused so our customers have better experiences and faster access to innovative new products,” said Dr. Michael Gorriz, the Group Chief Information Officer at Standard Chartered.

Standard Chartered will adopt AWS to improve resiliency, security, and privacy, while meeting compliance requirements across the bank’s global footprint.

“Adopting a cloud-first approach makes our vision for next generation financial services – like virtual banking, next-generation payments, open banking, and banking as a service – a reality,” said Bhupendra Warathe, the Chief Technology Officer for Cloud Transformation at Standard Chartered.

Standard Chartered will implement AWS services, including database, containers, compute, networking, storage, and security. Specifically, Standard Chartered will use Amazon Elastic Kubernetes to run applications and introduce new services.

“Standard Chartered has been a trusted financial institution for the last 160 years and we are pleased that they have selected AWS as a strategic cloud provider to drive their digital transformation, while operating more efficiently and securely in the cloud,” said Frank Fallon, the Vice President for Financial Services at AWS.

A significant number of Standard Chartered’s flagship applications are already cloud-native using AWS, including Mox, its new virtual bank in Hong Kong. The bank’s global payments system SC Pay and core banking system eBBS also use Amazon Aurora, a cloud-native relational database, to store details of banking and e-commerce transactions. 

Standard Chartered’s Financial Market business uses AWS to run algorithms that assess market risk and leverages Amazon Elastic Compute Cloud to enable the bank to flexibly scale up those workloads during peak demand.

“AWS’ unparalleled experience in powering global financial institutions will enable Standard Chartered to transition to the cloud with confidence and innovate faster than ever before,” added Mr. Fallon.

Earlier this year, DBS Bank in Singapore also joined forces with AWS to train more than 3,000 staff members in artificial intelligence and machine learning, in an effort to digitally transform its business.

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Image credit: Reuters

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