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October 19, 2022

HSBC partners with Oracle to expedite digital transformation

As per the multi-year agreement, the British financial services company will upgrade and shift certain database systems to the Oracle Exadata Cloud@Customer platform, which will be delivered as a managed infrastructure service in the data centres of HSBC

Oracle and HSBC have entered into a partnership under which the tech major will help the multinational banking group accelerate its digital transformation journey.

As per the multi-year agreement, the British financial services company will upgrade and shift certain database systems to Oracle Exadata Cloud@Customer.

The Oracle cloud platform will be delivered as a managed infrastructure service in the data centres of HSBC. Its deployment is said to support as well as scale the mission-critical systems and services of the banking group.

HSBC chief technology officer Frank McGrath said: “Our strategy is to digitise the bank at scale, so that we can innovate faster for customers, and our collaboration with Oracle is important in advancing this transformation agenda.

“We chose Exadata Cloud@Customer primarily for its ability to offer well known databases, with the benefit of a database-as-a-service platform, giving us the performance and operational agility we need as we continue to grow and diversify our business.”

The Exadata Cloud@Customer, which is an Oracle cloud infrastructure service, will provide a secure cloud platform that will enable HSBC to continue using Oracle databases for supporting its critical systems.

The cloud platform will allow HSBC to retain control of its data governance and meet data locality and security regulations.

In addition, the banking group will be able to bring cloud automation more easily to handle legacy applications, and seamlessly scale services as per the demands of customers and local markets, said Oracle.

Oracle EMEA technology executive vice president Richard Smith said: “Financial organisations are rapidly adopting new technologies and transforming their operations as they tap into new market opportunities while meeting more demanding data locality and privacy requirements.

“Our partnership with HSBC is based on achieving this balance, enabling it to consolidate critical systems on a secure, scalable on-premises cloud platform and develop cloud-based services faster. We look forward to our collaboration with HSBC as we help deliver the next generation of financial services.”

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