Bangladesh
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Cloud tech can enhance efficiency of banks

Bangladesh's banking and financial sector can maximise their operations exploring the vast potential of cloud-based technology integration, according to experts. 

However, this move presents both challenges and opportunities for the industry, with a focus on human resource upskilling and the readiness of software technology at its core, they said.

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They were speaking at a workshop on "Banking, Financial Services, and Insurance Cloud and Cyber Security" organised by Felicity IDC Limited at The Westin Dhaka yesterday.

Data security remains a paramount concern and the sector is actively exploring flexible and robust solutions to effectively protect sensitive information. Utilising structured data is also at the forefront of this digital evolution, they added.

They emphasised that the adoption of cloud-based technology was not just a trend, rather a necessity. It will not only enhance operational efficiency but also improve customer experiences, they said.

At the event, Felicity IDC Limited, a Tier 3 data centre situated at Bangabandhu Hi-Tech City in Kaliakair, introduced its cloud and cyber security services to top officials of banks and financial institutions.

A Tier 3 data centre is characterised as having multiple paths for power and cooling and systems in place to update and maintain it without taking it offline, as per American multinational information technology company Hewlett Packard Enterprise.

Felicity IDC Limited is said to be a 100,000 square feet facility with 500 racks designed to house servers, networking devices, cables and other computing equipment and an energy demand of 5 MW.

Its chief executive officer, Sharful Alam, said they made a commitment four years ago to construct a world-class data TEE.

The TEE refers to trusted execution environment where the main processor is separated from the main operating system, ensuring that data is stored, processed and protected in a secure environment, reads techtarget.com.

In spite of the challenges posed by the pandemic, Felicity IDC Limited partially completed its construction work by the end of 2021, said Alam.

Numerous organisations, including multiple banks, have chosen to use the data centre as their IT infrastructure and disaster recovery site, he added.

The company is preparing to build a cloud infrastructure that would fulfil requirements advised by the central bank. This initiative is driven in anticipation of the opening of several digital banks soon, for which the cloud will be tailored, he said.

Felicity IDC Limited is planning to launch a Security-Operations-Centre-as-a-Service (SOCaaS) in early 2024, in collaboration with world leaders in cybersecurity, he added.

The SOCaaS is a security model wherein a third-party vendor operates and maintains a fully-managed SOC on a subscription basis via the cloud, reads crowdstrike.com.

Zunaid Ahmed Palak, state minister for ICT, spoke at the event.