Singapore's ADBC and Tencent to jointly develop cloud-based banking solutions
Tencent Cloud has signed a memorandum of understanding (MoU) with Singapore's Asia Digital Bank Corporation (ADBC) to jointly develop cloud-based banking technology.
Under the MoU, ADBC will use Tencent's financial cloud platform to deliver digital banking services to small and medium-sized enterprises, such as by providing a tailored offering to customers based on their profiles.
At the same time, ADBC said Tencent's cloud platform would enable it to enhance its own digital banking strategy by allowing it to use data analysis, data storage, and batch processing more efficiently.
"ADBC believes in delivering contextualised personal experiences to its customers. To achieve this level of digital journey and customer-centricity, we need to automate the thousands of processes that underpin the customer journey. Doing this via cloud-based technology will result in an end-to-end, frictionless, and seamless process that connects internal core banking and legacy systems, complementary products, and cognitive system providers," said ADBC board director Nelson Goh.
"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."
In March, Tencent also signed an MoU with Etihad Airways that will see the airline leverage Tencent's cloud computing capabilities and social media platforms such as WeChat, which is the largest social media platform in China with over one billion monthly active users.
Etihad at the time said it expected the cloud and Tencent's social media platforms would bolster its customer engagement strategy, starting with the launch of its own WeChat Mini Program.
The Mini Program allows brands to interact with WeChat users via advanced features within the WeChat environment, without the need for separate app downloads or interfaces, the companies explained.
"The collaboration with Tencent presents a huge opportunity for Etihad, allowing us to engage with our guests on the biggest digital platform in China, speaking to them in their language and on their preferred platform," Etihad Aviation Group chief commercial officer Robin Kamark said at the time.