Huawei, Meezan Bank sign MoU on Cloud Transformation
Meezan Bank and Huawei Pakistan signed a Memorandum of Understanding (MoU) to cement their strategic partnership, through projects focused on Cloud Transformation and technological innovation, enabling Meezan Bank to augment its existing processes and systems.
Group Head Information Technology, Faiz Ur Rehman, Group Head Digital Transformation and Innovation, Iqbal Ali Khan were present at the signing along with representatives from Huawei’s side as well. According to the signing, Huawei and its partners will seek to aid the bank in hybrid cloud transformation and enhance the technology adoption.
Banks have the ability to capture and store enormous tranches of customer data on a daily basis. The problem is, that with legacy methods such as data storage siloes, banks are severely limited in how they use and connect this data, if at all.
Cloud technology can centralize the data capture, storage, and interpretation processes. It can also reduce the costs associated with these critical processes and generate far richer, more precise, faster data-led insights, which banks can use to drive performance.
The advancement to Cloud Transformation in banking is something that’s happening all around the world and in Pakistan as well. Pakistan’s Central Bank, State Bank of Pakistan is also actively reviewing the present regulatory framework to allow banks to adopt innovative Cloud technologies.