RegTech
Financial Services
Asia Pacific
Alibaba Cloud also enables Cynopsis to grow as they expand into new Asian markets. Finally, Alibaba Clouds support teams are always on call and able to provide attentive assistance whether online or offline.
About
Cynopsis
Cynopsis
In a world where financial institutions are adopting new forms of technology to increase use and availability new solutions are needed to make compliance and regulation easier, more affordable and like the new financial services more available. Cynopsis Solutions does just that, 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).
The Challenge
Cynopsis has a few hundred servers deployed on AWS and but wished to migrate a proportion of the business operations to Alibaba Cloud for a multi-cloud strategy. In terms of safety, much like the old saying “don’t keep all your eggs in one basket,” it’s best not to keep all your workloads on one cloud. And with that multi-cloud strategy in mind, Cynopsis chose to migrate workloads to Alibaba Cloud. In addition, Cynopsis Solutions has ambitions to penetrate the Southeast Asian Market and favors Alibaba Cloud as the first choice due to their abundant number of data centers all across Asia.
Deployment
Cynopsis Solutions decided to join Alibaba Cloud’s Galaxy Program, as a SaaS provider they often sell their software on ready enabled instances so, Alibaba Cloud’s Galaxy Program allowed them to buy ECS instances in bulk and then resell them in the form of software. After migration, Cynopsis also leveraged RDS for their database needs and OSS as their option for encrypted, secure, cost-effective, and easy-to-use object storage service that enables you to store, back up, and archive large amounts of data in the cloud.
Why Alibaba Cloud
In total, 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. Finally, Alibaba Clouds support teams are always on call and able to provide attentive assistance whether online or offline.
Looking Forward
Presently, Alibaba Cloud and Cynopsis Solutions are working together on implementing both OCR and Video Recognition solutions for their customers.
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Snapshot
Alibaba Cloud’s Galaxy Program allowed Cynopsis to buy ECS instances in bulk and then resell them in the form of software.
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