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Tencent Cloud Joins Forces With Digital Bank Consortium in Singapore

Tencent Cloud Joins Forces With Digital Bank Consortium in Singapore

(13 July 2020 – Singapore) Tencent Cloud, the cloud computing arm of Chinese technology conglomerate Tencent, has inked a memorandum of understanding (MOU) with Singapore digital bank contender Asia Digital Bank Corporation (ADBC), targeting the small and medium-sized enterprises (SMEs) in Singapore.

The partnership will boost collaborations on cloud-based financial services and data-driven digital bank innovations, focusing on inclusive and green finance and creating a regional flagship, Singapore-based digital bank.

ADBC will be able to use Tencent’s financial cloud platform to provide digital banking services to SMEs, as well as leverage Tencent's capabilities and solutions to drive its digital banking initiative.

The coronavirus pandemic has exposed the need for cloud services. As China went into lockdown and demand for corporate video bandwidth surged in February, Tencent added 100,000 cloud servers in eight days to support a two-month old product, Tencent Conference – a feat the company says is unprecedented in Chinese cloud computing history. 

“ADBC is committed to providing best-in-class digital banking services to its small- and medium-sized enterprise clients once it is successfully granted the wholesale banking license in Singapore. More importantly, ADBC aims to be an empathic digital bank that exceeds customer expectations,” said ADBC board director Nelson Goh.

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