Bangladesh’s banking and financial sector is poised to revolutionize its operations by harnessing the potential of cloud-based technology integration, experts have revealed.

At a workshop on ‘Banking, Financial Services, and Insurance Cloud and Cyber Security’ hosted by Felicity IDC Limited at The Westin Dhaka, industry leaders discussed the pivotal role of cloud technology in shaping the sector’s future.

Despite the challenges it poses, the integration of cloud-based technology offers a pathway to progress. 

Experts highlighted the critical need for human resource upskilling and the readiness of software technology. Data security, a paramount concern, prompted active exploration of flexible and robust solutions to safeguard sensitive information. 

The focus also includes utilizing structured data, a cornerstone of this digital evolution.

Experts emphasized that adopting cloud-based technology isn’t merely a trend but a necessity. 

It promises enhanced operational efficiency and improved customer experiences, making it a strategic imperative for financial institutions.

At the event, Felicity IDC Limited, situated at Bangabandhu Hi-Tech City in Kaliakair, introduced its cutting-edge cloud and cyber security services to top officials from banks and financial institutions. 

The facility boasts Tier 3 certification, indicating multiple power and cooling pathways and seamless maintenance capabilities without downtime.

Felicity IDC Limited’s CEO, Sharful Alam, highlighted their commitment to constructing a world-class data facility. 

Despite pandemic challenges, the company completed construction by 2021. Several organizations, including multiple banks, have chosen this data center as their IT infrastructure and disaster recovery site.

The company is now gearing up to build a cloud infrastructure tailored to meet the central bank’s guidelines, anticipating the launch of digital banks. 

Felicity IDC Limited plans to launch a Security-Operations-Centre-as-a-Service (SOCaaS) in early 2024, in collaboration with global cybersecurity leaders. 

This model involves a third-party vendor operating and maintaining a fully-managed SOC via the cloud, ensuring robust security measures.