FinTech companies are growing fast and furiously thanks to the rapid adoption of technology and the prevalent use of smart devices. However, they have major challenges: customers expect more affordable and easy-to-use products and services, and FinTech companies have limited resources. Choosing the right IT infrastructure to support growth and innovation while keeping costs low is of critical importance.
The solution allows FinTech companies to delegate infrastructure management to the cloud so that they can focus efforts more on business development. It helps to achieve better user satisfaction, faster go-to-market, and higher cost-efficiency. Cloud infrastructure allows FinTech companies to easily scale up and down with full control while staying compliant with regulatory requirements.
FinTech Challenges and Solutions
From limited technological know-how to strict regulatory processes,
FinTech companies are facing a wide variety of challenges that can potentially limit business growth.
High Customer Expectation
Customers expect better services from FinTech companies than traditional financial giants. These customers expect an easy-to-use product despite complicated regulatory requirements. They prefer smarter and more instant customer service. These customer expectations are pushing FinTech companies to set up an agile development process and maintain a fast-paced product rollout.
Rapid Growth but Limited Resources
Most FinTech companies are start-ups with limited resources but need to support fast business growth. Examples include KYC processes, frequent releases for integration with more third-party products, transaction processes, and internal and external reporting requirements. How to choose the right technical platform that can support business growth is a challenge to most CTOs.
High Business Continuity Requirement
Financial business is sensitive to service instability and data inaccuracies. Both regulators and customers require transactions to be processed accurately and quickly with near-zero downtime. FinTech companies must have solid business continuity capabilities, such as running on a reliable, highly available platform to be able to recover from disasters.
Higher Customer Satisfaction
Many FinTech companies handle consumer-facing business with users on the other side of the transaction. This means that the speed of transaction processing, low-latency, and dependable infrastructure are critical for customer satisfaction. The solution provides distributed infrastructure that is scalable and reliable and delivers low latency to meet your customers’ expectations.
More Resources for Core Business
This solution allows FinTech companies delegating infrastructure management to Alibaba Cloud. They only need to pay for what they use, don’t have to worry about maintaining and upgrading hardware. By eliminating the heavy lifting of infrastructure maintenance, FinTech companies can focus more on their core business for better customer satisfaction.
Fast Go-to-Market and Expansion
To continuously attract customers, FinTech companies have to frequently release new products, upgrade existing applications, and launch marketing campaigns. Cloud infrastructure enables you to easily scale up and down as needed. Additionally, with 86 zones available in 28 regions worldwide, FinTech companies can rapidly go to a new region.
How It Works
Fintech most time are on-line business: user experience, transaction process, customer service is all on-line. So the infrastructure that supports business needs to reliable, scale and stable with reasonable cost.
This solution provides the ability to easily scale up and down with no upfront payment. Deployment on more than one zone will help the organization to achieve better user satisfaction and meet business continuity requirements. Database hosting services of Alibaba Cloud allow enterprises to spin up and scale database instances on demand. These services provide automated monitoring and backup and disaster recovery capabilities throughout the transaction processing. Additionally, security services like WAF and Anti-DDoS Service help FinTech companies focus more on application security instead of infrastructure security.
Fully managed and less trouble database services.View Detail
Object Storage Service
An encrypted and secure cloud storage service available from anywhere.View Detail
A high-performance and scalable container application management service.View Detail
It is common for FinTech companies to expand globally into new regions. In most cases, the customers and business applications are located in one region, while the backend systems are deployed in a different region. In this way, the cross-region network has a poor quality and high latency, and the network acceleration has become an issue that has to be considered.
This solution provides a way to quickly connect different regions using Alibaba Cloud global networks to support the performance of online applications. Alibaba Cloud provides a cross-border network solution for multinational enterprises that is compliant with the border gateway protocol (BGP) and has 89 route choices. We provide high-speed BGP routing, with additional services for enterprises in Hong Kong. Alibaba's global infrastructure and dedicated support team help FinTech companies quickly expand into new regions.
ApsaraDB for Redis
A key value database service that offers in-memory caching and high-speed access.View Detail
Cloud Enterprise Network
A global network for rapidly building a distributed business system and hybrid cloud.View Detail
Elastic IP Address - BYOIP
A public IP address resource that you can purchase and use independently and can bring your own IP addresses for migration to Alibaba Cloud.View Detail
Migrating to the cloud is the right decision to make, but the public network IP registration process is complex and the security protection capabilities are weak.
How can you keep the public IP on the cloud?
How can you provide security protection for the cloud business?
How can you get it done with minimal disruption to your business?
Alibaba Cloud offers comprehensive services and resources to ensure a smooth migration: from pre-migration evaluation to migration planning, from data migration to business application migration, and from network migration (bring your own IP to the cloud (BYOIP)) to security services. The expert team has a proven track record in migrating services from on-premises data centers and other cloud vendors to Alibaba Cloud.
Data Transmission Service
Supports data migration and data synchronization between different data engines.View Detail
Data Transfer Plan
An easy-to-use traffic package that you can purchase at affordable prices.View Detail
Regulatory Compliance for Financial Industry
Compliance for Different Regions
Customer Success Stories
See how companies large and small are leveraging Alibaba Cloud to grow and improve their business
The combination of Alibaba Cloud's capability and the expertise of Revenue Monster in containerized application infrastructure brings stability, new cutting-edge technology, global security standards, and operational effectiveness to its businesses and clients.
Revenue Monster is a Malaysia based financial technology company. We strive to reinvent today's businesses with cutting-edge FinTech solutions. Revenue Monster's unique blend of payment, social media, and loyalty merchant solutions help businesses to engage with its customers. Harnessed with the power of Alibaba Cloud, enterprises and financial institutions can now reimagine its future with Revenue Monster's Fintech as a Service (FaaS) and Financial Cloud solutions.
Alibaba Cloud has earned Lifebyte’s trust through the process of joint collaboration to work through any concerns and challenges of the business whilst taking time to understand the key business drivers. Alibaba Cloud's ability to connect with the China market was a huge advantage and enables Lifebyte to expand into new markets.
LifeByte, located in Sydney Australia, is a fin-tech company founded in 2016. LifeByte's mission is to integrate the global financial resources with their requirements through the progressive technology, and to create a fair, transparent and reliable fin-tech platform for financial professionals and financial institutions around the world.
Asakita chose to implement the system on Alibaba Cloud Container Service for Kubernetes as it is a Kubernetes Certified Service Provider (KCSP) and is qualified by Certified Kubernetes Conformance Program.
Asakita is a leading peer to peer lending online platform in Indonesia that provides all your financial needs through customized micro loan services. Our products are made with one goal in mind; to simplify the long-winded verification processes for loans, facilitating the disbursement of loan funds in just 5 minutes.
Alibaba Cloud's responsive and dedicated support team offered premium support that allowed TNG Digital to find fast solutions to any problem 24/7. Also, the cutting-edge cloud technology as well as the comprehensive security solution, enabled TNG Digital to comply with the regulatory requirements for faster go to market product deliverables.
TNG Digital Sdn Bhd is a joint venture between Touch ‘n Go Sdn Bhd and Ant Financial Group. Together they have embarked on a journey to support a reliable mobile wallet for Malaysians. By employing the same Alibaba Cloud Infrastructure-As-A-Service platform as Alipay, TNG Digital was able to harness cloud computing and the latest cloud technologies to enable Malaysians with the power of mobile payments.
Migrating to Alibaba Cloud saved Cynopsis operating costs due to Alibaba Cloud’s elastic pricing models and the Galaxy program. As Cynopsis is a SaaS provider, Alibaba Cloud offers them top-notch IaaS and PaaS services to fulfill their every requirement. With extensive data center location throughout Asia, Alibaba Cloud also enables Cynopsis to grow as they expand into new Asian markets.
Cynopsis Solutions is a Regulation Technology Company founded and based in Singapore, helping clients in the Financial Services Sector and the Professional Services Sector to better comply with ever-increasing regulatory requirements, in particular anti-money laundering (AML), counter-terrorism financing (CTF) and Know-Your-Customer (KYC).
By migrating to Alibaba Cloud, Oniontech improved system integration and management on a single cloud provider, operating seamlessly among HK, Mainland China, and South Korea. As a one-stop cloud provider, Alibaba Cloud was able to completely fulfill Oniontech's computer, database, network, security, and hybrid cloud requirements.
One of the biggest hassles of tourists traveling abroad is standing in a long line at the airport refund counter and applying for a tax refund. Oniontech hopes to change this. It offers travelers and refund agencies an easy and affordable way to get tax refunds. Started in Korea, Oniontech also operates globally and is the world's premier tax refund solution.
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Whitepaper | FinTech on Alibaba Cloud
This whitepaper describes about the current challenges endured by FinTech companies and explains the benefits of Alibaba Cloud's solutions.
Webinar | Alibaba Cloud Financial Services Solutions
In this webinar, we will cover a comprehensive suite of cloud services that can boost the capabilities of financial customers of all sizes, allowing you to accelerate your innovation on the cloud.
Webinar | Build Next-Gen Financial Services
Watch this webinar and learn how Revenue Monster is building the next-gen financial institution with Alibaba Cloud Container Service for Kubernetes.