Allied Banking Corporation (Hong Kong) has migrated its core banking operations to the cloud with financial software applications and marketplaces provider Finastra.

Simultaneously, the bank has upgraded from Finastra’s Equation core banking solution to its next-generation Essence solution.

Besides, Allied Banking has gone live with Finastra’s Retail Analytics solution to transform its capabilities in reporting.

Allied Banking chief executive Lourdes Salazar said: “Finastra’s Equation core banking solution powered our business for 15 years, and whilst our needs were being met, we wanted to future-proof our operations and open the door for expansion into new products and services.

“Replacing our core system and migrating to the cloud at the same time was a significant decision, but Finastra worked closely with our team to enable a smooth transition for our customers.”

According to Finastra, the investment made by the bank represents a significant shift towards cutting-edge, future-proof technology that generates new potential for future growth along with lowering costs and increasing efficiency.

Finastra’s Essence is a next gen cloud-driven, application programming interface (API)-first core banking system that brings together broad and deep banking functionality with advanced technology.

The Essence solution offers customers both extensive coverage of key banking products and the flexibility to shape the future of banking.

The company’s Retail Analytics solution is an easy-to-use analytics system that allows the bank to create operational, management and regulatory reports with historic data and trends analysis.

Finastra universal banking executive vice president Siobhan Byron said: “As banks seek to modernise their core banking systems, most either host on-prem or adopt a hybrid model.

“The success of this project proves that it is possible to not only move directly to the next gen systems on the cloud, gaining the efficiency, innovation and agility benefits that brings, but it is possible to do it while maintaining the highest levels of customer service.

“This has accelerated Allied’s digital transformation and we look forward to helping them become even more competitive in the future.”