Oracle banks partnership with HSBC

Oracle and HSBC have entered into a strategic collaboration to accelerate the banking giant’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.

As part of its multi-year initiative, HSBC aims 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.

Oracle Exadata Cloud@Customer is an Oracle Cloud Infrastructure (OCI) service that provides a secure, highly available cloud platform that will enable HSBC to continue using Oracle databases in support of its critical systems while controlling data governance, thereby meeting data locality and security regulations. The Oracle platform will allow the bank to easily bring cloud automation to manage legacy applications and scale services according to market demands and its customers.

Richard Smith, executive vice president, technology, EMEA, Oracle, said: “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.

“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.”

Frank McGrath, chief technology officer at HSBC, said: “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. We chose Exadata Cloud@Customer primarily for its ability to offer well know 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.”