Recently, the seventh phase of Penghua Fund's Big Data TA System Construction Project was successfully launched, which not only further optimized the company’s business continuity, but also realized connections to the new ETF-TA system, making the big data TA system more comprehensive. As the industry's first registration system based on big data architecture, the big data TA system created by Penghua Fund and Sunline took the lead in completing the application practice of big data in the asset management industry and even the core business of the industry. The breakout from the limitation to the legacy data center applications provides a strong proof, demonstrating positive effects towards the banking industry, securities industry, insurance industry, as well as asset management industry.
Those who adapt to changes will survive, and those who continuously innovate will be evergreen
In 2021, when the total scale of Penghua Fund exceeded one trillion, the company wrote this on their official WeChat page: "For public funds, the really important question is not whether the industry has opportunities, but can we seize the opportunities'"
Back in 2017, the rapid expansion of China's asset management market, the partial equilibrium of the industry that traditional public funds have been maintained for more than two decades were gradually being broken. As one of the top ten asset management companies, Penghua Fund needed to find a way to sail the digital transformation journey, as well as adopt innovation and changes that is in line with the development of large asset management to achieve breakthroughs in response to the situation. In order to support sustainable developments of their business strategy, Penghua Fund officially launched the construction project of their next-generation TA system in compliance with the policy and market trend in 2018.
Penghua Fund joins hands with Sunline to start the innovative exploration
The open-end fund registration and transfer (TA) system covers all aspects of the fund transaction business with functions such as account opening, asset registration, and income distribution. It is the most important core system for asset management companies. However, with the rapid expansion of the digital platform, which has brought hundreds of millions of users onboard and tens of millions of transactions, the structure and performance of the legacy TA system faces many challenges including low clearing efficiency and difficulties in supporting the rapid development of the business. As a result of siloed TA systems, accounts data cannot be unified and personalized demand response was slow.
Outdated and scattered TA systems have hindered business development, and there were no mature products on the market that can be directly reused. For Sunline which has been deeply involved in the core system field of the financial industry for many years, the company have always adopted self-innovation in our genetics. Hence, Sunline is undoubtedly a powerful partner for this project. On this thorny road that has no previous experience to learn from, Sunline and Penghua Fund have begun to work together in the innovation and exploration journey.
Big Data TA System has now become the industry benchmark
In 2019, the big data TA system jointly created by Sunline and Penghua Fund was officially launched. This is the industry's first registration system based on the big data architecture. The system innovatively adopts a hybrid big data and microservices architecture, which can support high-concurrency real-time digital access requirements and complete the end-of-day clearing business of massive data, integrating various issues faced by TA systems such as information silos and business bottlenecks. A set of systems has been implemented to support all wealth management channel businesses, and can cooperate with the specific business scenarios of the channels to support the comprehensive development of personalized business.
The first advanced and hybrid big data and microservices architecture
Introducing big data technology to build a clearing core provides high-throughput application data access to greatly improve efficiency in rapid clearing of massive data and meet the needs of rapid expansion of Penghua Fund’s business while the adopting microservices architecture and decomposing huge monolithic applications into multiple services solves the issues with application complexity while introduction of Spring framework quickly builds monolithic applications and expand into distributed applications by cooperating with SpringCloud to cope with a large number of concurrent applications data request
Fully empowering business innovation and development
The big data TA system has successfully withstood the test of various business scenarios since its launch three years ago. It supports dozens of cooperation channels, 100 million customers and 10 million transaction business of Penghua Fund, and continues to provide stable and efficient services for investors through:
· A set of big data TA system supporting more than 30 balance wealth management channel businesses and refined management of channels to achieve sub-channel clearing without affecting each other, greatly improving the experience of investors.
· Full coverage of all business scenarios of treasury TA. In addition to TA standard services such as subscription, general redemption, and quick redemption, it can cooperate with specific business scenarios of the channel to support personalized needs.
· Constructing a unified operation digital background, supporting offline business processes to be fully online, reducing operation risks and improving operation management level, and opening the road to the construction of digital operations.
· Breaking out of the traditional product-centric business model and turning to user-centric, creating values through user behavior and providing users with financial services in a scenario-based and embedded manner.
Leading the industry risk management with autonomy and control
The Big Data TA System Project has practiced the concept of autonomy and controllability since its construction. Based on valuable experience accumulated in the field of practice, Sunline helps the project to migrate core business from Oracle database to an open source-based big data platform to actively responds to the national independent and controllable strategy at the level of application software construction.
In addition, the success of Penghua Fund's big data TA system project has also filled the gap in the market where there are few core business systems implemented using big data, providing a strong proof for big data technology to get rid of the shackles of data center applications. The promotion of data technology has played a good demonstration effect, and many leading fund companies have jumped the bandwagon.
The project lasted 4 years, from commencement of the first phase to the launching of the current phase 7, Penghua Fund has joined hands with Sunline along the way, opening a new chapter in the construction of the TA system in the domestic asset management industry. In the future, both parties will continue to collaborate to achieve more sharing of successes and driving the transformation of the financial industry!