Alibaba moves to transform Australian fintech

Alibaba Group’s innovative facial recognition, artificial intelligence and data analytics technology is coming to Australia’s financial services sector, under a partnership with local technology group TAS.

The landmark deal between TAS and Alibaba’s cloud computing arm, Alibaba Cloud, will provide Australian businesses with the opportunity to access cutting edge cloud computing and data centre services.

TAS and Alibaba will also develop a joint innovation centre in Australia under the deal, to develop and tailor new technologies and services for the Australian market.

TAS has been providing technology solutions in Australia’s financial sector for nearly three decades, servicing about 60 institutions with cloud solutions for internet and mobile banking, internal systems as well as connection to third parties and ATMs.

Alibaba Cloud ASEAN and Australia-New Zealand general manager Raymond Ma said the tie-up with TAS would support the digital transformation of Australian financial services.

Mr Ma said since Alibaba Cloud had established an Australian data centre in 2016, the company had been scouring the market for the right local partner to help roll out its technology.

“It is not only Alibaba Cloud, but Alibaba Group has an ecosystem here, and we are trying to build up that ecosystem as well,” Mr Ma told Australia China Business Review.

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Source: Alibaba moves to transform Australian fintech | Australia China Business Review