The cloud vehicle of Chinese e-commerce giant Alibaba has announced the launch of a new association for the cloud conversion of the core systems for China’s financial institutions.
On 9 June Alibaba Cloud announced the establishment of the “Financial Core Pioneer Alliance” (金融核心先锋联盟) at its 2020 Alibaba Cloud Summit.
The Alliance has the goal of “using distributed technology to drive the cloud-based restructuring of the core systems of financial institutions, and accelerate digital transformation.”
According to Cebnet.com.cn the Alliance already has over 20 members, drawn from the ranks of leading consulting firms and domestic fintech companies including Accenture, Deloitte, Ernst & Young, Jiangsu Hoperun Software, Hundsun Technologies, Pactera and Sinosoft Technology.
Liu Weiguang (刘伟光), head of Alibaba Cloud’s Smart New Finance Division said that over the past several decades the creation of systems in China’s financial sector had made extensive reference to best practices overseas, as well as adopted overseas technologies for the creation of its first generation financial transaction system.
This framework, however, now leads to wastage of redundant resources when dealing with new online operations.
“These technologies can no longer satisfy the truly explosive growth in online operations,” said Liu.
“In order to deal with this, Alibaba Cloud has produced distributed architecture, and the provision of distributed architecture and capability to create huge volumes of processing capability.”