Vietnamese consumer finance firm FE Credit has migrated most of its mission-critical applications to Amazon Web Services (AWS) as part of an overarching digital transformation effort that will see it move the majority of its IT infrastructure to the cloud.
It is understood that Ho Chi Minh City-based AWS Advanced Consulting Partner TechX was involved with the integration project.
The move sees FE Credit, which was originally founded as the consumer finance division of the Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) and subsequently spun out as a standalone subsidiary, accelerate its transformation to become a comprehensive digital consumer finance provider.
In June last year, FE Credit revealed its decision to upgrade its existing Finacle Digital Banking solution suite, by Infosys subsidiary EdgeVerve Systems, to the latest version and migrate it from an on-premises deployment to a software-as-a-service (SaaS) model.
Finacle’s cloud-native, microservices-based digital banking solution suite was to run on AWS as part of the move.
“With consumer finance business in Vietnam poised to grow exponentially, it is essential for us to be ready for the opportunity by delivering a range of multi-accessible, flexible and innovative financial solutions,” Kalidas Ghose, FE Credit vice chairman and CEO, said at the time. “Our partnership with Infosys Finacle has helped us achieve a leadership position so far.
“We have now decided to upgrade to the new generation Finacle Digital Banking solution as a service, to deliver enhanced customer service and better manage credit exposure, at significantly lower costs.
“We are confident that Finacle’s best in class solutions delivered on AWS cloud will help us be a digital first consumer finance company and continue our dominance in the Vietnam market,” he said.
Now, 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.
It is hoped that by leveraging AWS’ portfolio of cloud services, such as containers, serverless and databases, FE Credit will have a greater capability to launch new consumer products faster while lowering costs.
Already, the company has found that by scaling its workloads based on demand using Amazon Elastic Compute Cloud (Amazon EC2) it has been able to reduce the time needed to deploy new functions for Finacle Digital Banking solution suite from three months to two weeks.
Moreover, FE Credit expects to reduce infrastructure maintenance and operation costs over the next five years thanks to the move.
Post-shift, FE Credit is also able to monitor and automate compliance more easily by leveraging AWS’ 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,” said Ghose. “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,” he added.