Alibaba Cloud to help banks upgrade services with big data

Alibaba Cloud has signed an MoU with Bank Muamalat Malaysia Berhad to use big data and AI to expedite financial transactions.

KUALA LUMPUR: Alibaba Cloud, the data intelligence backbone of the Alibaba Group, will work with Malaysian banks to use big data and artificial intelligence for financial services.

The general manager of Alibaba Cloud Malaysia and Thailand, Kenny Tan, said as a first step in working with banks, especially Islamic banks, a memorandum of understanding was signed with Bank Muamalat Berhad today.

“This 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,” he said at a press conference at the Alibaba Cloud Summit held at Connexion Conference and Event Centre here today.

Chief technology officer of Bank Muamalat, Abdul Razak Mohamed Ismail, said: “The collaboration gives perfect opportunity for us to use predictive analytics powered by big data and AI technologies to better understand our customers’ segmentation and preferences.

“It will not only allow us to offer better products and services to our customers, but also help us tailor-make financial services that suit their growth aspirations,” he said.

Alibaba Cloud Intelligence International president Selina Yuan said since the establishment of the first local data centre in Malaysia, Alibaba Cloud had been working to help local businesses accelerate their digital transformation.

“As the No. 1 cloud provider in the Asia Pacific, we want to continue promoting inclusiveness through technology so that customers can experience a world-class cloud system in terms of reliability, security, efficiency and inter-connectivity,” she said.

Malaysia Digital Economy Corporation CEO Surina Shukri said technology served as a powerful enabler to uplift society and improve the standard of living.

Using technology to ensure easy access to affordable and effective financial services was critical in creating “balance in society and achieving financial inclusion”.

“We hope more companies within the ecosystem adopt technologies that not only increase their business effectiveness, but also play a role in doing good for the community,” said Surina.