Malaysia’s Central Bank has been actively promoting an Open Banking framework supporting the adoption of new technology in financial services in the country. This includes industry initiatives such as the Fintech Regulatory Sandbox framework in 2017 to allow the testing of applicable technology, as well as Open API implementation standards published in 2019.
The focus is now moving towards market-driven policies where the future success of banks will require a shift towards operating on an open banking business model as well, generating unprecedented opportunity for building and distributing innovative new products through a broader network of partners, while offering customers transparency and a ubiquitous banking experience.
In this roundtable, we will discuss how banks can overcome the barriers to effectively embrace and make the most of an open hybrid cloud approach towards this new business model, including:
- Review the drivers of cloud-native adoption in the financial services industry, with a focus on creating differentiated customer experiences through real-time customer insights and continuous innovation in a broader, connected banking ecosystem.
- Explain why cloud-native services based on open source and open standards are inherently designed for the open banking ecosystem, as they promote the interoperability and workload portability necessary for financial institutions to build, deploy and operate innovative applications on any cloud or on-premises environment without lock-in and requirement for time-consuming refactoring efforts.
- Discuss hybrid cloud’s role in laying the foundations for the future of banking, as banks shift their operational model to integrate a broader and more open ecosystem where data flows between parties in the customer value chain, and the associated challenges and opportunities that hybrid cloud adoption entails.
