Building A Cloud-Native Financial Services Marketplace For A Fintech

About the client

Industry:
BFSI, Fintech
Location:
Singapore & Malaysia

The customer is a financing and loan referral platform that works with Micro, Small and Medium-Sized Enterprises (MSMEs), leveraging the power of digital solutions and platforms to help them across various business life stages. To enhance their marketplace and provide a better user experience, they decided to modernize their marketplace platform with more robust infrastructure.

Challenge

Building a next-gen digital marketplace and updating legacy infrastructure

As a digital platform serving the SMB sector/​​MSMEs with financial products and services, the customer wanted to ensure they delivered a superior user experience in lockstep with vital financing support. The fintech also had plans to build a go-to digital marketplace offering MSMEs financial products like working capital solutions, insurance and seamless access to financial products. This needed a revamping of their existing platform and infrastructure.

Solution

A cloud-native app modernization approach harnessing cloud-based hosting

For seamless integration with multiple third parties through APIs, the fintech needed an API-based architecture in place. This microservices-based application modernization approach enabled them to decompose the legacy application into smaller components and deliver news features within a short timeframe.

  • The customer framed the technical architecture & design with support from Cloud Kinetics’ technical architect, while Cloud Kinetics delivered UI/UX design, development, testing, and deployment.
  • The team designed and built the CI/CD pipeline for continuous integration and continuous deployment embedded with security and automated testing.
  • The technology roadmap for the deployment was defined in collaboration with the customer. This included design recommendations for availability, scalability, and reliability.
  • Reporting & dashboards for various use cases were set up with AWS Redshift.
  • The platform was built using cloud-native technologies, including container services, an API Gateway, a serverless frontend and a microservices-based backend.

Security consulting in terms of AWS configuration & implementation was also undertaken to ensure the technology complied with regional banking and financial regulations. This helped deliver a solution that was secure and compliant, besides being agile. The team also provided migration services to AWS as the application was to be hosted on the AWS Cloud at the end of the development phase.

Success Metrics

DevOps-based operations bring agility, speed and transparency

Tapping into the potential of the AWS cloud, the team delivered 60+ APIs for a microservices based platform in ~4 months. The first release went live in 3 months.

The digital transformation included a change in approach as well. Cloud Kinetics enabled an agile-based delivery across UX Design, Development, Testing and Cloud Infra management with DevOps based operations. The engagement was a classic case of DevOps in action – production support and enhancements were both handled by the same team, helping streamline the process and ensure accountability.

Highlights included:

Improvement in customer experience

Increase in platform adoption

Reduction in time taken for loan processing

Partnering for the future

The success of this delivery supports the fintech’s vision for an equitable and easy-to-understand financing platform for their customers. The Cloud Kinetics team has now been entrusted with additional responsibilities in testing, cloud architecture and security. The team size has also grown by 50% to accommodate the expanded scope of work. 

 

Tags: Amazon Web Services (AWS) API App Modernization App Transformation Banking & FSI Cloud Applications Cloud Migration Digital Platforms Digital Transformation Enterprise Business Applications