Oracle and HSBC announce new strategic collaboration
As part of this year's Oracle CloudWorld announcements, Oracle and HSBC have announced a new strategic collaboration, one which looks to accelerate the bank's digital transformation moving forward.
Under the new multi-year agreement, HSBC will upgrade and migrate select database systems to Oracle Exadata Cloud@Customer, a cloud platform delivered as a managed infrastructure service in HSBC's own data centers.
The deployment's overall aim is to help support and scale HSBC's mission-critical systems and services.
Oracle Exadata Cloud@Customer is an Oracle Cloud Infrastructure (OCI) service that provides a cloud platform that will enable HSBC to continue to use Oracle databases in support of its critical systems while still retaining control of its data governance. This will also allow them to meet data locality and security regulations.
Besides this, the Oracle platform is also set to allow HSBC to more easily bring in cloud automation to manage legacy applications and scale services according to customer and local market demands.
It was also noted that the collaboration contributes to HSBC's multi-year initiative, with the company looking to transform its technology infrastructure in order to speed up the development, delivery and scaling of new products and services.
It will also look to make its products more secure and available and help build digital capabilities and skills across the HSBC workforce.
Frank McGrath, Chief Technology Officer, HSBC, says that Oracle technology was chosen because of its ability to provide a database-as-a-service platform, offering a variety of well-known database options.
"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," he says.
"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."
Garrett Ilg, President, Japan and Asia Pacific, Oracle, says that the company looks forward to assisting HSBC to deliver better financial services through secure data consolidation and cloud technology.
"As financial organisations adopt new technologies and transform themselves to tap into new market opportunities while meeting demanding data residency and security requirements," he says.
"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. We look forward to deepening our collaboration with HSBC as we help deliver the next generation of financial services."