On July 31, Alibaba Cloud showed their leading-edge solutions to Malaysian enterprises at the first cloud summit held by the company in Kuala Lumpur, Malaysia and signed an MOU (Memorandum of Understanding) with Bank Muamalat Malaysia Berhad.
At the summit, Alibaba Cloud signed an MOU with Bank Muamalat Malaysia Berhad giving the bank better access to financial services using Big Data and AI to meet the banking industry's compliance and security challenges.
General manager of Alibaba Cloud Malaysia and Thailand, Kenny Tan, said this step is "to enable better access to financial services using technology and tackle challenges of security and compliance that are typically found in the banking industry."
Selina Yuan, Alibaba Cloud Intelligence International president said, "Since the establishment of our first local data center in Malaysia" they "have been paving the way to support local businesses accelerate their digital transformation."
The no.1 cloud provider in the Asia Pacific wants technology to make customers "experience a world-class cloud system in terms of reliability, security, efficiency, and interconnectivity."
Bank Muamalat Malaysia Berhad Chief Technology Officer Abdul Razak Mohamed Ismail acknowledged that "collaboration" means better financial services in understanding "customer segmentation and preferences."
"It will not only allow us to offer better products and services to our customers but also help us offer tailor-made financial services that suit their growth aspirations," he added.
Malaysia Digital Economy Corporation chief executive officer Surina Shukri acknowledged "Technology serves as a powerful enabler to uplift society and improves the standard of living."
Surina also added that "Using technology to ensure easy access to affordable and effective financial services is critical to create balance in society and achieve financial inclusion."
With the help of predictive analytics, Alibaba Cloud's Malaysian unit general manager Kenny Tan said that the bank can also reach out to Malaysia-based small and medium-sized enterprises.
Because Alibaba Cloud has more than 70 compliance and security accreditations worldwide, they can let local financial customers and many regulated industries securely innovate in the cloud and thereby speed up their way to digital transformation.
Likewise, Alibaba Cloud will also share its best practices form the Alibaba ecosystem to empower Malaysian business partners to transform the way they sell, market and operate thereby easily succeeding in these digital times.
Selina added that Alibaba Cloud, being the backbone that runs all the segments within Alibaba Group's diverse technology ecosystem is very important to their partners and appealing to businesses "because it means we not only have very strong leading technology; all of these technologies and cloud services are closely combined together with a business model."
