Earlier this week, RapidCompute, Pakistan’s largest local cloud service provider, announced the formal launch of its Cloud Services designed especially for the banking sector and financial institutions.
The company has established dedicated data centers for banking operations with the highest level of security and compliance checks, keeping in mind all legal and policy requirements by the State Bank of Pakistan and other entities in light of the recent policy.
To make it a true Banking Cloud, they have also partnered with leading local and global providers of banking solutions and have setup locally hosted platforms that are ready for use by banks and FIs.
Through its focus on data security and confidentiality, RapidCompute has garnered a reputation for being the securest platform for hosting sensitive data and critical information.
Being the only GDPR-compliant and PCI-DSS 3.2.1 Certified cloud in Pakistan, the company has hundreds of controls in place that keep data secure and in the control of the customers at all times. They also regularly work with LEAs and the MoD for sensitive cloud hosting projects.
Mr. Imran Khan, Founder and MD RapidCompute, said, “The banking sector has changed significantly in the last two decades, with consumers demanding the latest technologies. To truly achieve digital transformation, banks need a business model that can offer effective collaboration, innovative customer experiences, and faster time to market- all of which our cloud offers.”
“RapidCompute has been helping the financial sector in digital transformation for more than half a decade through its services on the cloud and its experience with scalable deployments. This is why we felt it important to partner with leading local and global players of banking solutions and work towards providing a locally hosted platform for them that also takes care of the all the data protection considerations,” he added.
Banks in Pakistan traditionally rely on legacy systems and have been reluctant to change their IT infrastructure and embrace digital transformation. Until recently, there was no formal policy in place clearly defining what cloud-based outsourcing could be undertaken by banks.
However, a recent circular released by the SBP outlines that all non-core operations and business support processes can be hosted on cloud providers that meet SBP’s list of compliance requirements.
This move makes it a lot easier for the banking industry to finally embrace the cloud and leverage the scale and cost reduction it offers to create newer business frontiers and improve agility.
Over the years, RapidCompute has built strategic partnerships to create an environment with all related service setups for banks and financial institutions that truly make it the first Banking Cloud in Pakistan.
All of these services make it very convenient for banks and FIs to quickly and efficiently take advantage of the cloud policy and start digitizing the banking landscape with a local reliable cloud service provider.
A vast majority of established fintechs have been running on their platform for years. RapidCompute is also home to the first service-based payment processing systems from industry leaders such as TPS, Covalent, and newcomers such as Vaulsys which it recently signed an MoU with.
Mr. Ali Raza, Commercial Head RapidCompute, said, “Being an enterprise cloud dedicated to run mission-critical applications, RapidCompute also offers Assisted Migration services to all customers with large infrastructure requirements who want to migrate to the digital landscape on the cloud.”
“The edge we have of being a local cloud service provider is that our teams consisting of multiple stakeholder departments individually construct an accurate representation of each customers’ requirements to custom design an architecture that will become the base blueprint for their cloud journey,” he added.
With the launch of these cloud services curated specifically for the banking sector of Pakistan, RapidCompute aims to aid these institutions with innovating their offerings and adopting the latest capabilities to optimize their operations and how they do business.