DBS Bank has signed an agreement with Amazon Web Services to create a hybrid cloud environment optimized for rapid capacity and functionality changes. The deployment is expected to complement the bank’s use of traditional data centres. The bank expects the cloud to better enable it to deliver new applications rapidly without compromising on security.
DBS’ agreement with AWS was signed after an extensive period of evaluation by DBS, as well as Proof of Concept experimentation, to explore how AWS can be leveraged to augment the bank’s existing data centres.
DBS has worked to ensure the implementation meets the requirements of the Monetary Authority of Singapore’s Technology Risk Management guidelines. In addition, the bank has established additional technology standards, internal approval toll gates, and data encryption standards specific to its adoption of cloud.
One of the first use cases for AWS is in DBS’ Treasury and Markets (T&M) business. The bank will leverage AWS for the purpose of pricing and valuing financial instruments for risk management as this requires extensive computing power.
AWS gives DBS the flexibility to rapidly scale the capacity of its computing grid up or down, without having to make provisions for permanent overcapacity. In the T&M case, it will allow the bank to have a quick and yet cost-effective way of handling short term surges in trading volumes such as those recently caused by Brexit.
The bank envisages extending its usage of AWS over time and may shift up to 50% of its compute workload to cloud within a two-year period. This will result in dramatic cost savings, increased resilience and the ability to rapidly respond to customer demand.
“DBS’ commitment to migrate significant workloads to AWS is a reflection of their focus not only on providing the best experience for their customers, but also on being a leader in Singapore’s rapidly evolving financial services market,” said Nick Walton, Head of ASEAN, Amazon Web Services. “We are excited that DBS has chosen AWS to support their digital transformation, so that they can take advantage of the many benefits of the AWS Cloud infrastructure, which has been architected to be the most secure, reliable, and flexible cloud computing environment in the world. AWS continues to work closely with financial institutions around the world so that they can move to the cloud with confidence.