The State of Council Firstly Puts Forward Financial Cloud: To Encourage Financial Institutions to Use Cloud Computing
Source: http://www.spn.com.cn/ View: 232 Date: 2015-07-15

The State of Council recently publishes “The Guidance Opinions on Actively Promoting ‘Internet +’” (“The Opinions)”. In promoting direction of “internet + preferential finance”, “The Opinions” clearly indicates that “to explore internet enterprises to construct internet financial cloud service platform”, “to support bank & security and insurance enterprises to smoothly implement systematic structure transformation”, “to encourage & explore & use cloud service platform to organize financial core businesses”.

"This is first time for the State of Council to introduce application direction of financial cloud in future, which shows the approval from China for cloud computing ability of internet enterprises.” Min Xu said, the general manager of Jr. Aliyun. Cloud computing has gradually become the base of financial innovations.

Jr. Aliyun is a financial cloud service platform specifically constructed by internet enterprise. Currently, there are near 300 banks, insurances, and securities, other key business systems and internet innovative applications operating on Jr.Aliyun.

Min Xu indicates that currently financial institutions in China all have activities to organize cloud and hope to accomplish the transformation to internet. Cloud computing provides ability of quick trial and error for them, makes them more flexible like internet enterprises; meanwhile provides ability of handling amount of days to visit at anytime.

Actually, some financial institutions with active attitude to embrace innovation put their core systems on cloud layout currently. Zhongan Insurance and MYbank are specific examples among them.

Zhongan Insurance is the first one of insurance companies constructed on cloud. Its core business systems are operated on Jr.Aliyun. With flexible concept of production design, the online period of Zhongan productions can be reduced two weeks. In 11th Nov. of 2014, Zhongan Insurance undertook more than 150 million RMB of insurance policies that was higher than total numbers from other companies in industry.

MYbank is the first one of banks in China that put core systematic structure on cloud. With financial cloud, MYbank can provide loan via big data; the businesses in China can be supported only by 300 people, among them 2/3 are data scientists.

For this innovation, “The Opinions” gives high approval. “The Opinions” writes that to encourage each financial institution to rapidly develop financial production and service innovation via technologies such as big data, mobile internet, and cloud computing; to provide convenient financial services such as deposit & loan, payment & settlement, and credit intermediary platform in wider locations; to broaden scope of preferential finance and to provide effective support for real economy.

In the beginning of this year, the State of Council has published “The Opinions on Promoting Cloud Computing to Innovate and Cultivate Information Industrial New Forms” that clear identifies development aims, main missions and security measures of cloud computing industry in China. Before that, the executive meeting of the State of Council also published measures on supporting innovative development in cloud computing industry.

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