HSBC has formed a multi-year partnership with US-based technology solutions provider Oracle to accelerate the bank’s digital transformation.
As part of the collaboration, HSBC will upgrade and migrate some of its database systems to Oracle’s cloud platform Oracle Exadata Cloud@Customer.
The tie-up is aimed at supporting and scaling up the London-headquartered bank’s crucial systems and services.
It is also expected to allow HSBC to use cloud automation to manage legacy applications and scale up business based on customer demands and local markets.
HSBC chief technology officer Frank McGrath said: “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.”
The deployment of Oracle’s solution is part of HSBC’s multi-year initiative to revamp its technology infrastructure to accelerate the development, delivery and scaling of new products and services.
Furthermore, HSBC aims to make its products more secure and enhance digital capabilities and skills across its workforce.
Oracle executive vice president, technology, EMEA, Richard Smith said: “Financial organisations are rapidly adopting new technologies and transforming their operations as they tap into new market opportunities while meeting more demanding data locality and privacy requirements.
“Our partnership with HSBC is based on achieving 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 our collaboration with HSBC as we help deliver the next generation of financial services.”
Last week, media reports said that HSBC is aiming to ramp up its dealmaking activity in the coming years.