HSBC has signed a multi-year agreement with Oracle for a strategic collaboration to accelerate the bank’s digital transformation.
The bank will upgrade and migrate select database systems to Oracle Exadata Cloud@Customer, a cloud platform delivered as a managed infrastructure service in the bank’s own data centers.
Oracle Exadata Cloud@Customer is an Oracle Cloud Infrastructure (OCI) service that provides a cloud platform that enables HSBC to continue to use Oracle databases in support of its critical systems while retaining control of its data governance, thereby meeting data locality and security regulations.
HSBC will also be able to bring cloud automation to manage legacy applications more easily and scale services according to customer and local-market demands.
The collaboration contributes to HSBC’s multi-year initiative to transform its technology infrastructure to speed up the development, delivery and scaling of new products and services; make its products more secure and available; and build digital capabilities and skills across its workforce.
“Our strategy is to digitise the bank at scale, so that we can innovate faster for customers, and our collaboration with Oracle is important in advancing this transformation agenda.
We chose Exadata Cloud@Customer primarily for its ability to offer well known databases, with the benefit of a database-as-a-service platform, giving us the performance and operational agility we need as we continue to grow and diversify our business,”
said Frank McGrath, Chief Technology Officer, HSBC.
“As financial organisations adopt new technologies and transform themselves to tap into new market opportunities while meeting demanding data residency and security requirements.
We are working closely with HSBC to achieve this balance, enabling it to consolidate critical systems on a secure, scalable on premises cloud platform and develop cloud-based services faster.”
said Garrett Ilg, President Japan and Asia Pacific, Oracle.
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