Tencent Cloud signed a memorandum of understanding (MoU) with Singapore’s Asia Digital Bank Corporation (ADBC) to come together for the development of cloud-based banking technology. As per the MoU, ADBC will make use of Tencent’s financial cloud platform to deliver digital banking services to small and medium-sized enterprises.

Both parties signed the agreement in a virtual conference, which was attended by Elong Huang, General Manager of Tencent Cloud Southeast Asia Region; Carlos Hu, General Manager of Tencent Finance Cloud; and Dr. Li Shan, Chairman of ADBC.

Subsequently, ADBC said Tencent will help in enhancing its digital banking strategy by allowing the bank to use data storage, data analysis, and batch processing with more efficiency.

“ADBC believes in delivering contextualised personal experiences to its customers. To achieve this level of digital journey and customer-centricity, we need to automate the thousands of processes that underpin the customer journey. Doing this via cloud-based technology will result in an end-to-end, frictionless, and seamless process that connects internal core banking and legacy systems, complementary products, and cognitive system providers,” said ADBC Board Director Nelson Goh.

“ADBC is committed to providing best-in-class digital banking services to its small and medium-sized enterprise clients once it is successfully granted the wholesale banking licence in Singapore,” he further added.

Additional association

Tencent signed an MoU with Etihad Airways wherein the cloud computing capabilities will help in the management of bulk of data. Etihad Airways will also leverage the capabilities of Tencent’s social media platform – WeChat, as it launched a Mini Program as a customer engagement strategy. This social media platform in China grabs more than one billion active users.

The Mini Program will make space for brands to chat with WeChat users, only on the app environment without downloading any third-party website. “The collaboration with Tencent presents a huge opportunity for Etihad, allowing us to engage with our guests on the biggest digital platform in China, speaking to them in their language and on their preferred platform,” Etihad Aviation Group Chief Commercial Officer Robin Kamark said.

Such collaborations of ADBC and Tencent will lead to the introduction of cloud-based financial services and innovations in the world, ergo enhancing the data-driven digital banking experience.