Tinkering DX PoCs Gets Easier Across Asia
Turning theory into practice is not easy. This is why Proof of Concepts (PoCs) are essential; they show whether your concept is feasible.
In digital transformation, where many initiatives involve untested ideas, PoCs are crucial for adoption and support. For startups, it also offers an important route to attracting investment.
CDOs and digital leaders know this well. PoCs are nothing new. But creating one takes talent, resources and time that many do not have or cannot afford. But a spate of new announcements in Hong Kong and Singapore is looking to change this situation.
Finastra, created last year with the merger of Misys and D+H, is partnering with McKinsey & Company and Cyberport to open the Finastra Future of Banking Center of Excellence in Hong Kong. The joint effort gives banks and fintechs access to Cyberport research facilities, Finastra’s platform and solutions, and McKinsey & Company’s expertise and knowledge.
The HKSAR Government's recent financial support for fintech development is one of the reasons that convinced Finastra to set up their Center in the territory. "I am seeing that in this year's budget policy the government is announcing significant investments in AI, fintech, and biotech. Hence, Hong Kong was a natural choice," Smita Gupta, Head of Marketing and Strategy, Asia Pacific at Finastra said.
The announcement builds on Finastra’s Open Banking vision--a concept that is now gaining global momentum from regulators and other banks.
"[The Center] offers a new model for growth as banking services become commoditized. Collaboration is key to a bank's success, and I will say collaboration is the new innovation," Gupta added
In Singapore, Singtel and VMware recently signed a memorandum of understanding (MoU) to set up their first Digital Transformation Foundry. The Singapore-based facility will be fashioned as a "virtual sandbox" that looks to improve the time-to-market for digital solutions. A sandbox is crucial for PoCs to be suitably tested and pass user acceptance tests (UATs).
"The Foundry will empower customers to implement an integrated cloud solution with ease. We will help them design, secure and deploy cloud-enabled solutions, in short, customize the flexible infrastructure they need to accelerate digital transformation, adopt new and disruptive technologies, and boost competitiveness," Bill Chang, Chief Executive Officer for Group Enterprise at Singtel said in the press release.
At launch, the Foundry will focus on four cloud services. These include a private cloud service, a hybrid cloud service, a digital workplace and a multi-cloud managed security service. Similar announcements are planned for Australia and Hong Kong.
Both facilities join a growing number of initiatives for traditional and new startups to co-develop and collaborate on new services. They offer important proving grounds for new ideas and concepts as they compete in a market where internet giants are blurring traditional industry boundaries.
