Alibaba Cloud has launched a suit of solutions designed to help financial services institutions like banks, insurance, securities and FinTech companies digitalize their operations.

Together, they deliver five core capabilities covering over 20 business scenarios to improve FSIs' operational efficiency, customer experience, security and compliance.

A recent survey commissioned by Alibaba Cloud found that the financial service sector's top priorities in Asia Pacific are to accelerate multi-cloud migration, increase automation and build analytics platforms.

Rapidly growing FSIs are also seeing value from cloud solutions. GCash, a leading Philippine-based mobile wallet enterprise, partnered with Alibaba Cloud to overcome the challenges their platform was facing from a rapid user base expansion.

GCash adopted a mix of solutions, including eKYC, IaaS, ApsaraDB RDS databases and Object Storage Services to scale their operations and accommodate the traffic spike during the pandemic.

The FinTech company also adopted security products such as Web Application Firewall and Anti-DDoS to protect their platform from DDoS attacks and other threats.

"Our new solutions have been built in response to growing demand from FSIs around the world for cloud products capable of accelerating their digitalization and enhancing the customer experience," said Raymond Xiao, head of international industry solutions of Alibaba Cloud Intelligence.