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Customer Introduction
Fusion Bank is among the first digital banks licensed by the Hong Kong Monetary Authority. Fusion Bank delivers quality, convenient, and inclusive personal banking services to Hong Kong residents and Mainland Chinese visitors to Hong Kong, while focusing on serving local SMEs and Hong Kong branches of Greater Bay Area enterprises. Our intelligent financial solutions empower business banking customers to strengthen their financing ability for overseas expansion.
Fusion Bank is a member of Tencent Holdings Limited. Other shareholders include Industrial and Commercial Bank of China (Asia) Limited, Hong Kong Exchanges and Clearing Limited, Hillhouse Capital and renowned Hong Kong entrepreneur Mr. Adrian Cheng Chi-Kong.
Challenges & Goals
Fusion Bank initially focused on delivering quality, convenient, and inclusive personal banking services through fintech solutions. In 2023, Fusion Bank expanded its corporate banking capabilities to better serve local SMEs and Hong Kong-based branches of Greater Bay Area companies. To support this strategic direction, Fusion Bank initiated the next-generation core banking system migration project to address the limitations of the Bank's legacy system in terms of cost-effectiveness, flexibility, and scalability.
Migrating a bank’s core system is a highly complex and risk-intensive endeavor. Fusion Bank needed to seamlessly integrate and transform over 150 subsystems across five key banking areas—retail deposits, retail loans, corporate deposits, corporate loans, and foreign exchange services—while ensuring compliance with regulatory and market standards, and minimal user disruption.
Why Tencent Cloud
Fusion Bank chose Tencent Cloud for several key reasons:
- System Reliability: Tencent Cloud''s system availability meets Fusion Bank''s service standards.
- Network Security and Data Protection: Tencent Cloud employs strict monitoring mechanisms and advanced security measures to ensure the safety of their systems and data.
- Data Center Management: Tencent Cloud offers a professional on-site team and rigorous operational procedures.
- Cost-Effectiveness: By providing a one-stop service with the entire technology stack managed by a single provider, Tencent Cloud reduces management complexity and costs, and facilitates future system development.
- Expertise: Tencent Cloud''s team of experienced technical and industry experts provided invaluable advice and support throughout the core system migration, efficiently resolving issues and ensuring a smooth and swift transition.
Fusion Bank has long been a valued customer and partner of Tencent Cloud. From the very beginning, Tencent Cloud was involved in the construction and development of Fusion Bank, consistently delivering excellent performance. In view of these developments, Fusion Bank is greatly confident in Tencent Cloud’s product capabilities and service quality, strengthening both parties’ collaboration.
Highlighted Benefits
To support the migration, Tencent Cloud built a robust cloud computing environment for Fusion Bank, powered by solutions such as Tencent Cloud Database (TDSQL) and Tencent Cloud TCE. TDSQL, fully compatible with MySQL, enabled effortless integration with Fusion Bank’s business systems, while its powerful batch migration capabilities facilitated smooth data transfers, minimizing user impact and maintaining business continuity.
Tencent Cloud TCE played a critical role in addressing challenges related to platform deployment, management, and compatibility. Through containerized deployment, it significantly improved resource utilization efficiency, reducing costs by 40% and shortening recovery time objectives (RTO) to within 30 minutes. It also supports various non-x86 architecture CPUs, meeting Fusion Bank''s diverse hardware needs.
To enhance operations and maintenance (O&M) efficiency, Tencent Cloud implemented a Configuration Management Database (CMDB), significantly improving system maintainability and simplifying O&M processes. This enabled Fusion Bank''s IT O&M team to focus on business innovation and development rather than system management.
The close collaboration between Fusion Bank and Tencent Cloud allowed the migration to be completed in just 10 months. The system switchover took only 15 hours, and within a six-hour data migration window, systems and data from multiple vendors were seamlessly transferred to the new core system. By 2027, non-labor IT costs are expected to be significantly reduced by 53% compared to 2024, and the development time for new requirements will decrease from an average of 6 months to just 3 months.