Financial Services
Europe
Enterprise/Public Sector
"Hundsun & IHS Markit China is proud to be one of the first financial institutions to deploy its core bank application systems on Alibaba FinCloud. The company hopes to continue its fruitful partnership with Alibaba Cloud by experimenting with more services and innovating new solutions together."
About Hundsun & IHS Markit China
Hundsun & IHS Markit China is a joint venture of Hundsun, an innovative financial technology company in China, and IHS Markit, a global leader in information, analytics, and solutions. Through this collaboration, Hundsun and IHS Markit China intends to expand into the field of fixed income science and technology services, and enhance the information level of the fixed income market in Mainland China, especially the issuing market. The company aims to assist domestic bond underwriters and issuers by connecting them with overseas underwriting networks through technology, and allow more overseas investors to participate in Mainland China's bond market in a more convenient way, facilitating the internationalization of RMB bonds.
Challenge
Originally, Hundsun & IHS Markit China employed a solution that was built on third-party cloud services but without Chinese market-oriented security and compliance enhancements. This made it impossible for them to provide the same level of service through public cloud in Mainland China, which led the system to lose its elasticity when facing the dynamic Chinese bond market. Hundsun & IHS Markit China needed to re-architect its existing solution to be cloud-native, which can fully leverage the capabilities of the cloud. More importantly, the system overall stack on the cloud should be compliant with the regulations defined by the People’s Bank of China and ChinaBond.
Why Alibaba Cloud
The team at Alibaba Cloud renewed the existing solution based on Alibaba FinCloud, a finance industry-standard cloud solution with a comprehensive range of compliance certifications in China, including MLPS 2.0 Level 4 qualification. Hundsun & IHS Markit China adopted a range of Alibaba Cloud Security products and services, including Anti-DDoS, WAF, KMS, Bastionhost, and Cloud Firewall. The company also worked closely with Alibaba Cloud's Compliance team in order to meet the IT regulations for financial institutions set by the People’s Bank of China.
Furthermore, in order to reduce the overall cost of resources and improve service elasticity, Alibaba Cloud helped the company migrate its existing database solution to PolarDB.
Architecture
1. Successfully migrated existing solution to Alibaba Cloud.2. Enhanced and re-architected system architecture, complying with the regulations for Chinese financial institution.
3. Successfully migrated to PolarDB, reducing TCO and improving system elasticity and robustness.
Looking Forward
Hundsun & IHS Markit China is proud to be one of the first financial institutions to deploy its core bank application systems on Alibaba FinCloud.Having a solution that is approved by both the People's Bank of China and ChinaBond is a breakthrough not only for the company but also for Alibaba Cloud. This success fully demonstrates Alibaba Cloud’s technical capabilities, which are compliant with the strictest demands from Chinese financial institution regulators as well as global financial firms.
Hundsun & IHS Markit China hopes to continue its fruitful partnership with Alibaba Cloud by experimenting with more services and innovating new solutions together.
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Hundsun & IHS Markit China is able to expand into the Mainland China market seamlessly owing to Alibaba Cloud's technical expertise and familiarity with the local market.
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