Timo announces co-operation with AWS

Saturday, Nov 26, 2022 10:33

Timo ties up with Amazon Web Services to scale its business. — Photo Courtesy Amazon Web Services

Vietmamese digital bank Timo has recently launched its cloud native core banking platform on Amazon Web Services (AWS), a move that will help Timo scale its business and acquire 5 million new customers over the next three years.

With AWS capabilities of computing, data analytics, and machine learning, Timo will help customers enjoy easily accessible digital banking services such as payments and savings solutions.

Currently, Timo’s customers in Viet Nam use their mobile devices to make over 2 million monthly financial transactions, including transferring, managing, and saving money. With AWS, Timo can offer personalised financial services to customers while meeting their individual financial needs in a secure and compliant manner.

To prepare staff to use the latest cloud technology, Timo worked with AWS to train 60 of Timo’s cloud team and information technology members in architecting, developing, security, big data, artificial intelligence, and machine learning on AWS. This training increased productivity for Timo’s cloud team with infrastructure automation, application deployment, and IT management using AWS without increasing the headcount of Timo's cloud team.

"AWS helped us implement our entire banking platform in the cloud in less than six months," said Alan Barker, chief technology officer at Timo. "Using the cloud helps us deliver new and meaningful digital financial services to our customers faster. Our customer base is growing rapidly, and on AWS, we can confidently scale to meet the rising demand for digital financial services, leveraging the latest technology to set the benchmark in digital banking."

Timo set out to drive economic empowerment by delivering innovative and personalised mobile banking services to the Vietnamese population, of which 69 per cent are unbanked.

Working with AWS Partner Mambu, Timo built an agile, scalable, and secure environment to run its core financial applications in the cloud, including banking, payments, and mobile apps.

Using Amazon Elastic Compute Cloud (Amazon EC2), a web service that provides secure, resizable compute capacity in the cloud, and Amazon Elastic Kubernetes Services (Amazon EKS), a managed container service, Timo easily scales workloads on demand. This scalability supports an expected tenfold increase in Timo's transactions by 2025, allowing more customers in Viet Nam to easily transfer funds between mobile bank accounts or pay merchants online. — VNS

Comments (0)