Innovation may put Phl, Singapore on par instead of at par

The likes of Maya and Gcash are enjoying the benefit of digitization and data growth. Leveraging means more revenue, that’s why MSMEs should embrace digitization to prosper.

Even before the pandemic, Yugabyte’s Dennis Sze said the Philippines has the potential of matching Singapore on innovation. | photograph courtesy of yugabyte

The head of sales for South Asia and India of Yugabyte, a global leader in Structured Query Language or SQL and Cloud Native Database said the Philippines is seen to be the next Singapore due to the innate adaptability of the country’s people.

In an interview, Dennis Sze of Yugabyte said the Philippines has been ready for innovation even without the pandemic.

“Filipinos are regarded as the biggest users of Facebook and they are used to digital interactions.”

“The only thing that Filipinos should do is to transform these digital interactions into business, or what should we say, ‘from social media to business.’ They must take advantage of social media to transform into businesses. We don’t expect Facebook to go down because the Christmas Season is coming. That’s why they have to leverage or even take advantage of that,” Sze said.

Further, he said companies that have already started pivoting have the advantage.

“The likes of Maya and Gcash are enjoying the benefit of digitization and data growth. Leveraging means more revenue, that’s why MSMEs should embrace digitization to prosper,” he said.

Also, he said that no one will ever go back to analog, because moving forward, a digitized environment is key for growth.

“It just depends on the fastness of a certain industry,” he said.

Partnership with worldwide banking software

Meanwhile, Yugabyte is going to partner with global banking software market leader Temenos.

Temenos, whose systems serve 1.2 billion people — one-third of the world’s banked population, has chosen YugabyteDB as a strategic database to power the core banking capabilities of Temenos’s open platform for composable banking.

The Temenos open platform allows banks of all sizes to compose, extend and deploy pre-built banking services and the broadest set of banking capabilities at scale.

As part of the new partnership, YugabyteDB will be available to banking clients who choose to run Temenos open platform on their infrastructure, whether that is on their public cloud instances, on-premises, or in their private or hybrid clouds.

Temenos has been deploying its highly popular core banking capabilities for clients on the cloud since 2011. By using cloud-native architecture and tools, Temenos has enabled its impressive roster of 41 of the world’s top 50 banks to adopt flexible, scale-out solutions that align costs to changing business volumes and ensure high resilience to failure as standard.

Adopting Yugabyte technology takes this capability to the next level by delivering comparable flexibility and availability in the data layer.

Tony Coleman, Temenos Chief Technology Officer, said, “Yugabyte brings exceptional technology performance, scale, and resilience to this partnership. Along with its unrivaled global database expertise and its service capabilities, YugabyteDB was a natural fit with our vision for the future of our technology cloud-based proposition.”

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