FE CREDIT goes all-in on AWS to accelerate innovation

May 04, 2021 | 16:24
(0) user say
Amazon Web Services, Inc. (AWS), an Amazon.com company, on April 28 announced that FE CREDIT, the largest consumer lender in Vietnam and a subsidiary of VPBank, has gone all-in on AWS, moving the vast majority of its IT infrastructure to the world’s leading cloud to respond faster to the company’s business objectives in market penetration and expansion.
fe credit goes all in on aws to accelerate innovation
FE Credit has chosen AWS to move to cloud

With AWS, FE Credit will transform into a comprehensive digital consumer finance provider, becoming Vietnam’s first non-bank financial services provider to be fully hosted in the cloud.

With this move to innovate, FE CREDIT has migrated most of its mission-critical applications to AWS, including the Infosys Finacle Digital Banking solution suite, and its own $NAP and SHIELD mobile applications for consumer loan, credit card, and insurance products. Leveraging AWS’ broad and deep portfolio of cloud services, including containers, serverless, and databases, enables FE CREDIT to launch new consumer products faster while lowering costs.

FE CREDIT’s customer base has grown nearly four-fold, from three million in 2015 to 11 million by the end of 2020, 95 of whom are smartphone users with an average of three to four hours of daily screen time. Meeting the financial needs of this ever-expanding customer base quickly and easily is a priority for the company. By scaling its workloads based on demand using Amazon Elastic Compute Cloud (Amazon EC2), FE CREDIT reduced the time required to deploy new functions for Finacle Digital Banking from three months to two weeks and expects to reduce infrastructure maintenance and operation costs over the next five years. FE CREDIT can also monitor and automate compliance more easily by leveraging AWS’s reliable and secure infrastructure, while continuing to store personal customer data safely in its on-premises environment in Vietnam.

“At FE CREDIT, we focus on providing our customers with innovative financial services that exceed their expectations. And moving our entire infrastructure to AWS is part of our decision to scale up our capacity for innovation. We gain the speed and agility required to launch new financial services more easily, and we are better able to fulfil the financial needs of future customers,” said Kalidas Ghose, vice chairman and CEO at FE CREDIT.

“Cloud technology helps financial services companies to rapidly deliver more innovative and personalised customer services,” said Conor McNamara, managing director of ASEAN at AWS. “By going all-in on the world’s leading cloud, FE CREDIT gains access to an unmatched portfolio of cloud services to remove technology barriers in the financial services industry and invent services which solve meaningful customer problems.”

For over 15 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud platform.

AWS has been continually expanding its services to support virtually any cloud workload, and it now has more than 200 fully featured services for compute, storage, databases, networking, analytics, machine learning, and AI, Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 80 Availability Zones (AZs) within 25 geographic regions, with announced plans for 15 more Availability Zones and five more AWS Regions in Australia, India, Indonesia, Spain, and Switzerland.

Millions of customers – including the fastest-growing startups, largest enterprises, and leading government agencies – trust AWS to power their infrastructure, become more agile, and lower costs.

fe credit goes all in on aws to accelerate innovation AWS Partner Network enables success of partners
fe credit goes all in on aws to accelerate innovation ABB signs on AWS to develop cloud-based fleet management platform
fe credit goes all in on aws to accelerate innovation TNEX sets new standards for innovative banking with AWS cloud services

By Bich Thuy

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional