On July 23, more than 200 leaders from the financial industry convened physically and via online at the full-day 2020 Malaysian Banking and Finance Summit held in Kuala Lumpur to discover the new trends, critical issues as well as strategic challenges faced the financial industry. Sunline was invited as a technological partner to share their invaluable information and insights in Digital Transformation.

The stage with panelists and moderator for the "Global, Technological and Economic Challenges: What will Shape the Future of Banking?" session

The age of disruption has swept the financial industry globally with fintechs around the world reshaping the financial industry, bringing challenges and opportunities for traditional banks. At the same time, the recent Covid-19 crisis has accelerated contactless payment and banking, creating a boost to the pace of digital transformation initiatives for banks all over the world. For the foreseeable future, banks will escalate towards all-digital, and to remain top performing, they will have to strive for a hyper scale and hyper performing banking system.

Receiving the momento of participation from YB Dato' Sri Mustapa bin Mohamed, Minister in the Prime Minister's Department (Economy)

At present, many banks are still facing limitations to their digital efforts, with the main reason being the adaptation of a vertical approach - the continuous additions of channels on top of their legacy core banking system. As a pioneer in Digital Banking, Sunline’s self-developed Digital Banking System is built with surrounding business innovation and technology from bottom to the top. With this system, banks can use a horizontal dual-core approach to avoid legacy core limitations without having to immediately replace their existing business core.

Picture with Tan Sri Michael Yeoh, President, Kingsley Strategic, Institute for Asia Pacific

During the summit, Matthew Chen, CEO of Sunline’s Overseas Business has represented Sunline to present the technologies behind the hyper scale and hyper performing banking system. Mathew also shared more in-depth about the different transformation paths banks take to transform as they embrace the digital era. As one of the pioneers who have grown with the wave of digital transformation in China, Sunline has invaluable information and insights about its experiences that will undoubtedly help traditional financial institutions thrive in the new era.