Silverlake has announced that it has joined IBM’s growing ecosystem of more than 100 Global Systems Integrators (GSIs), Independent Software Vendors (ISVs), SaaS providers, and FinTechs supporting the IBM Cloud for Financial Services. The new collaboration will allow Silverlake to rapidly scale and deliver highly secure and compliant cloud-based digital banking solutions while enabling customers to adhere to stringent security and data privacy regulatory requirements.
Silverlake will onboard its SaaS Digital Banking and Card Payment solution to the IBM Cloud for Financial Services. Built using the capabilities of the IBM Power Systems Virtual Servers which support LINUX, IBM AIX and IBM I, the managed services solution delivers a cost-effective and efficient step to the cloud in a way that mitigates risk. It’s IBM Power and IBM Cloud in one convenient, economical, self-managed, pay-as-you-use environment.
This will allow Silverlake’s financial institution customers across ASEAN and the wider Asia Pacific region to confidently move mission critical workloads to the cloud, accelerating digital transformation efforts, reducing cost, and improving overall customer banking experience. Moving from a traditional approach where banks and financial institutions own their digital platforms and software solutions, to a flexible SaaS model which allows banks and financial institutions to select the right cloud-based service and scale to better meet changing business needs and customer demands in an agile, trusted manner.
Silverlake and its customers will benefit from built in security and compliance controls within IBM Cloud for Financial Services. IBM’s fourth-generation confidential computing capabilities and “Keep Your Own Key” encryption as an additional capability delivered via IBM Cloud Hyper Protect Services to enable Silverlake and its customers to retain control of data and transact in a secured environment. Real-time controls and security features built into the very core remove a significant hurdle for financial institutions to adopt cloud-based solutions.
“Silverlake’s participation in IBM ecosystem will further accelerate the digital transformation and drive innovation for financial institutions. IBM Cloud for Financial Services is designed to speed clients’ modernization while addressing risk in the supply chain for financial institutions and unlocking new revenue opportunities,” said Catherine Lian, Managing Director, IBM Malaysia (left in pic above).
To realise the full potential of the cloud, financial services institutions must plan carefully. The right cloud model is critical to meet the very stringent requirements of the financial services industry. Silverlake’s digital banking solution on IBM Cloud for Financial Services can help financial institutions align modernisation needs with cybersecurity, regulatory and resilience requirements of the financial services sector through a transparent public cloud ecosystem comprises of their technology partners.
A growing portion of the $1 trillion hybrid cloud market opportunity is comprised of the financial markets industry, which is expected to increase nearly twenty percent by 2024. Key findings in a recent IBM internal analysis suggest that cloud is expected to account for about 60% of that future market opportunity as financial institutions are accelerating innovation to meet heightened customer expectations, deliver consistent services in the face of challenges like the global pandemic, and navigate the ever-complex regulatory environment.
Commenting on the collaboration, Goh Peng Ooi, Chairman, Silverlake (right in pic) said “The Silverlake SaaS Digital Banking on cloud platform brings together the best of Silverlake Enterprise Solution with the agility, scalability and economies of scale of IBM Cloud to deliver a new value proposition to the financial services industry. The Silverlake Group and its associated companies have a global workforce of over 4,800 that supports over 380 customers in 80 countries, and this collaboration with IBM Cloud will increase the offerings and add value to our customers worldwide.”
Lum Chee Onn, Chief Executive Officer of Silverlake added, “Silverlake is excited to be working with IBM in this region to help create a secured financial services ecosystem where financial institutions can transact with confidence. Financial institutions are moving to the cloud, so cloud infrastructure providers like IBM and SaaS providers like Silverlake can address the special needs of these firms. Onboarding our offering to IBM Cloud for Financial Services will be a big step towards that. We find the platform helps demonstrate security and readiness for regulatory compliance more efficiently, can bring significant value to the financial services supply chain.”