HSBC Partners with Oracle to Accelerate Technology Transformation

Rhea-AI Summary

HSBC has announced a multi-year agreement with Oracle to migrate and upgrade select database systems to Oracle Exadata Cloud@Customer. This partnership aims to enhance HSBC's operational management, enabling the bank to leverage cloud automation while maintaining data control. The deployment will assist in scaling mission-critical services and advancing HSBC's digital transformation efforts. This collaboration not only supports faster product development but also strengthens security and availability across its technology infrastructure.

Positive

• Strategic partnership with HSBC enhances Oracle's position in the banking sector.
• Utilization of Oracle Exadata Cloud@Customer supports scalability and operational efficiency for HSBC.
• The collaboration enables HSBC to accelerate its digital transformation, potentially leading to increased revenue opportunities.

Negative

• None.

Multinational banking group selects Oracle Exadata Cloud@Customer to simplify operational management and leverage cloud automation

LAS VEGAS, Oct. 18, 2022 /PRNewswire/ -- Oracle CloudWorld -- Oracle and HSBC, one of the world's largest financial services organizations, today announced a strategic collaboration to accelerate the bank's digital transformation.  

Under the multi-year agreement, HSBC will upgrade and migrate select database systems to Oracle Exadata Cloud@Customer, a cloud platform delivered as a managed infrastructure service in HSBC's own data centers. The deployment will help support and scale the bank's mission-critical systems and services.

Oracle Exadata Cloud@Customer is an Oracle Cloud Infrastructure (OCI) service that provides a secure, highly-available cloud platform that enables HSBC to continue to use Oracle databases in support of its critical systems while retaining control of its data governance, thereby meeting data locality and security regulations. The Oracle platform will also enable HSBC to more easily bring cloud automation to manage legacy applications, and easily scale services according to customer and local-market demands.

The collaboration contributes to HSBC's multi-year initiative to transform its technology infrastructure to speed up the development, delivery and scaling of new products and services; make its products more secure and available; and build digital capabilities and skills across its workforce.

"Our strategy is to digitize the bank at scale, so that we can innovate faster for customers, and our collaboration with Oracle is important in advancing this transformation agenda," said Frank McGrath, Chief Technology Officer, HSBC. "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."

"Financial organizations 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," said Richard Smith, executive vice president, Technology, EMEA, Oracle. "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." 

About Oracle
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About Oracle CloudWorld
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SOURCE Oracle

FAQ

What is the significance of HSBC's partnership with Oracle?

The partnership aims to enhance HSBC's digital transformation by migrating database systems to Oracle Exadata Cloud@Customer for better operational management.

How will Oracle Exadata Cloud@Customer benefit HSBC?

It provides a secure, scalable platform that enhances operational efficiency and supports the bank's mission-critical services.

When was the HSBC and Oracle collaboration announced?

The collaboration was announced on October 18, 2022, during Oracle CloudWorld.

What are the goals of HSBC's digital transformation initiative?

The goals include accelerating product development, enhancing security and availability, and building digital capabilities across its workforce.

What technology is Oracle providing to HSBC?

Oracle is providing its Exadata Cloud@Customer platform, which facilitates cloud automation while allowing HSBC to maintain data governance.