Ant Financial Launches Banking As A Service Platform

Ant Financial Services Group and Jiangsu-based Hoperun Information Technology announced Wednesday (March 7) a new banking product aimed at financial institutions.

In a press release, the companies said the new banking product dubbed Distributed Core Banking Platform (DCBP) helps financial firms move their business models to customer-oriented models and away from transaction-oriented models. The new banking platform is also designed to help financial firms contend with digital challenges such as distributed development, financial product management and accounting liquidation.

Ant noted DCBP is the first co-developer service in its technology product portfolio. The platform completed the pilot stage successfully after testing with several banking partners.  The service also builds on Ant’s bPass or Business Platform as a Service product, which the company rolled out in September. bPass enables financial firms to tap Ant’s product management, asset management capital verification and full-link pressure test. Ant combined that with Hoperun’s experience in the finance market to create the DCBP solution, it said in the press release.

“We have enjoyed working with Hoperun to develop this product, which marks a milestone for Ant Financial technology,” said Liu Weiguang, vice president of Ant Financial, in the press release. “This is just the first of many collaborations that we plan to form with other talented partners that will enable us to provide better technology solutions to the challenges faced by financial institutions.”

According to the company, several banks have already sped up their digital transformation by using DCBP. Ant pointed to MYbank, which it said was able to build cloud-native capabilities within six months because of the platform.  “Hoperun and Ant Financial share a deep understanding of the financial industry, which is why we were keen to join hands to develop DCBP. This solution will help empower financial institutions to customize new business applications and accelerate their innovations,” said Chen Bin, president of Hoperun Information Technology in the same press release.