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“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 and Architecture, Alibaba Cloud Intelligence. “By leveraging our extensive cloud capabilities and industry know-how, we have developed a comprehensive suite of solutions to advance growth and innovation in the finance sector".

Legacy hardware and software are two of the most significant impediments to FinServ architecture upgrades. Organizations are forced to use obsolete technology due to the prohibitive cost of refactoring and re-platforming their core systems. Companies no longer need to be stymied by legacy technology. The Nutanix Cloud Platform has been demonstrated to provide a staggering 477% ROI in 5 years while lowering TCO by two-thirds. This entails maximizing the company's investment in on-premises infrastructure in the near future.

Raqmiyat, a systems integrator and provider of digital transformation solutions, has joined forces with Codebase Technologies (CBT), a global open API banking fintech. Raqmiyat will serve as a regional business partner and authorized reseller of Codebase Technologies' solutions, accelerating digital banking transformation in the UAE and KSA.

Veracode, a global provider of application security testing solutions, released data revealing that the financial services industry ranks among the best in terms of overall flaw percentage when compared to other industries, but has one of the lowest fix rates for software security flaws. The sector also ranks in the middle of the pack for high-severity flaws, with 18% of applications containing a serious vulnerability, with 18% of applications containing a serious vulnerability, implying that financial firms should prioritize identifying and remediating the flaws that matter the most.

Respondents in the financial services poll were asked about their present cloud difficulties, how they're now running business and mission-critical apps, and where they plan to run them in the future.

The study, Bridging the Disability Gap: An Opportunity to Make a Positive Impact, reveals that for people with disabilities, digital inclusion is the path to financial inclusion. Governments' adoption and prioritization of policies to improve service accessibility paves the way for public and private sector financial institutions, mobile network operators (MNO), fintech providers, and other organizations to develop and implement solutions.

Financial services firms who want to erase their vulnerability lag in less than a year will need to invest an additional $2.61 million and recruit 29 more IT employees. $2.61 million is 5% higher than the average required across all industries, given that they already spent 19% more on IT efforts last year than their peers.

AFS started with offering travellers' cheques followed by cards processing and evolved dynamically as a core payment processing, fintech, and merchant acquiring business. AFS has successfully laid the groundwork to drive its next chapter of growth with cutting-edge digital payment technologies. The shareholders are strongly committed to supporting this vision and are confident of the leadership's capabilities to achieve it.

“Mobily strives to enhance customer experience with a first-of-its-kind, next-generation financial services platform that enables secure and convenient journey for consumers. With the right technology partner like Ericsson, our ambitions to roll out new services that provide added benefits and features propel financial inclusion and achieve the goals of the Saudi Vision 2030,” says Ayman A. Aleissa, CEO, Etihad Fintech.

Financial services is one of world's most heavily regulated businesses. Organizations must comply with a slew of rules, including SOX, GDPR, and PCI DSS, which impose steep fines for non-compliance and data breaches. Many of these businesses must also establish business continuity and disaster recovery strategies to reduce the impact of data breaches or operational disruptions caused by a cyberattack.