" Alibaba Cloud helped Fincy save 40% on operating costs, attract new customers, stay ahead of the competition, and expand its footprints in the market. Alibaba Cloud’s extensive knowledge and experience in the fintech industry was also a value addition for Fincy. "
- Vanessa Koh
Singapore CEO, Fincy
Fincy is a mobile application facilitating seamless, contactless payments and digital currencies exchange across Asia. The platform enables users to realise digital transactions like never before. Utilising Distributed Ledger Technology (DLT), Fincy provides trackable transactions, cost-effective services and a secure financial infrastructure. With a customer base of more than 1000 companies & merchants, Fincy paves the way for an affordable, swift, and smarter future.
Fincy’s mission is to provide an affordable, contactless alternative to existing financial services and is working more aggressively to achieve the same in a post-COVID world. Therefore, it has set its sight on expanding in the Asian market and was looking for a reliable cloud provider that could help them solve the following key challenges: ● High Operating Cost: Minimizing the current operational costs was a critical challenge to improve the bottom line and stay competent. ● Multiple Vendor Management: As Fincy relied on multiple vendors to manage its applications, cumbersome vendor management added to the operational hues. ● Low Success Rate on Global SMS: It struggled to send push notifications, promotional campaigns, transaction notifications, and One-Time-Password (OTP) messages to its customers in real-time. ● High Cross-region Latency: It was challenging to seamlessly operate between China and the Asia Pacific (APAC) regions due to low bandwidth and latency issues.
Why Alibaba Cloud
With an array of cloud computing solutions, extensive geographical coverage, and a strong presence across the APAC region, Alibaba Cloud was the one-stop solution for Fincy. It helped Fincy save 40% of the operating costs, attract new customers, stay ahead of the competition, and expand its footprints in the market. Alibaba Cloud’s extensive knowledge and experience in the fintech industry was a value addition for Fincy. Moreover, being the number one cloud computing service provider in China, Alibaba Cloud was best positioned to empower FIncy in expanding its operation into the China market.
Fincy adopted Alibaba Cloud's easy-to-use, reliable, cost-effective, and fully-managed services to ensure maximum global coverage in a hassle-free way. Alibaba Cloud's Elastic Compute Service (ECS) enabled Fincy to handle peak hour traffic easily. It powered Fincy’s cloud applications to scale capacity up or down based on real-time demands instantly. With Alibaba Cloud’s Short Message Service (SMS) that supports domestic and international messaging and uses APIs and SDK to send messages, Fincy was able to communicate with its end-users worldwide. The solution allows choosing the best route in real-time to ensure various messages, including push notifications, transaction notifications, OTP messages, and promotional campaign messages, are delivered to the destination on time.
Fincy also leveraged Alibaba's Apsara video-on-demand (VOD) and Content Delivery Network (CDN) services to accelerate the distribution of media (audio and video) content. Alibaba's intelligent chatbot with its Natural Language Processing (NLP) capabilities helped Fincy provide 24*7 online customer support. Besides, Alibaba Cloud’s log analytics played a crucial role in analyzing log events to improve application performance manifold and reduce operational burden.
The sudden outbreak of the COVID-19 pandemic has made it even more critical for Fincy to upgrade and enhance its contactless currency exchange services to overcome the uncertainties of the financial services ecosystem. With the help of Alibaba Cloud platform, Fincy plans to further optimize the operations for its various group solutions and is also exploring Alibaba Cloud's Big Data solution to transform financing operations.
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