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The Bank of East Asia and China CITIC Bank International Acknowledged for Creative Use of Open Source at the Red Hat APAC Innovation Awards 2023 for Hong Kong

The winners were recognized for their achievements in leveraging Red Hat solutions to drive innovation and deliver exceptional customer experiences in an ever-changing landscape


HONG KONG  – WEBWIRE

Red Hat, Inc., the world’s leading provider of open source solutions, announced the winners of the Red Hat APAC Innovation Awards 2023 for Hong Kong today. Red Hat honored the remarkable achievements of The Bank of East Asia, Limited and China CITIC Bank International Limited for their outstanding use of Red Hat solutions to foster innovation, showcase their ingenuity, and elevate customer experiences in an ever-evolving business environment.

“As the business landscape continues to change in 2023, the Red Hat APAC Innovation Awards 2023 celebrates the creative successes and achievements of our customers.” - Marjet Andriesse, senior vice president and general manager, APJC, Red Hat

In an environment of economic fluctuations and technological upheavals, Red Hat continues to explore the theme of “Explore what’s next” at this year’s Red Hat APAC Innovation Awards. This year’s accolades celebrate the exceptional accomplishments of organizations in adapting to today’s uncertain landscape, proudly recognizing the digital transformation achievements of 31 organizations from 13 countries in the region. By harnessing the power of open source creatively, these remarkable organizations propel themselves forward while prioritizing unforgettable customer experiences. Their unwavering resilience, strategic thinking, and ingenious utilization of Red Hat solutions have allowed them to conquer new business challenges and stay one step ahead of evolving customer demands.

Amid growing uncertainty, innovation still stands tall as a priority for businesses. According to the Red Hat 2023 Global Tech Outlook, businesses continue to rank innovation as a powerful differentiator, allowing organizations to rise above their competitors and forge their unique path to success. The awards’ five categories focus on key technologies that can help businesses stand out amid today’s uncertain landscape: Digital Transformation, Hybrid Cloud Infrastructure, Cloud-native Development, Automation, and Resilience. 

The winners were selected based on the positive impact their Red Hat deployments had on their business goals. They showcase the possibilities of open source, pushing the boundaries of business processes, productivity, innovation, and resilience.   

Category: Digital Transformation 

Winner: The Bank of East Asia, Limited (“BEA”)

A leading Hong-Kong-based financial services group, BEA provides a comprehensive range of wholesale banking, personal banking, wealth management and investment services to customers through an extensive network of about 130 outlets covering Hong Kong, the Chinese Mainland, Macau, Taiwan, Southeast Asia, the United Kingdom, and the United States.

BEA actively drives digital transformation through a well-defined fintech strategy, which incorporates cloud computing, artificial intelligence, machine learning, Regtech, and nurturing workforce talents. At the same time, the Bank is also committed to modernizing digital platforms for cross-border banking to enhance the overall client experience.

The collaboration with Red Hat has allowed BEA to leverage leading open source technologies, improving the delivery speed of IT services with reduced risk and enhanced agility.  BEA was able to enhance their RegTech solution through added voice-to-text features.

Category: Digital Transformation

Winner: China CITIC Bank International Limited

China CITIC Bank International Limited (“CNCBI”) is a Hong Kong-based full-service commercial bank that offers a broad spectrum of financial services spanning wealth management, personal banking, wholesale banking as well as global markets and treasury solutions. On the back of a heritage of more than 100 years, CNCBI aspires to grow into an outstanding bank that possesses professional capabilities to succeed with its customers, staff and community.  Currently, CNCBI’s footprint includes 24 branches and two business banking centres in Hong Kong, as well as branches and presence in Beijing, Shanghai, Shenzhen and Macau, and overseas branches in New York, Los Angeles and Singapore.  To maintain the agility of the IT team and reduce the time to market, China CITIC Bank International sought to migrate its wealth management app, which now runs on Red Hat OpenShift.

As a leader in FinTech in Hong Kong, China CITIC Bank International benefited from Red Hat technologies, providing enhanced product functions that improve customer experience and satisfaction.  Apart from achieving greater business agility, CNCBI leverages Red Hat solutions to move at faster speed with reduced risk, improving the delivery speed and relevance of IT products and services to the business.

The Digital Transformation category recognizes organizations that have successfully made the transition into a truly digital enterprise, overcoming and addressing business challenges with digitalization. 

Supporting Quotes
Marjet Andriesse, senior vice president and general manager, APJC, Red Hat

“As the business landscape continues to change in 2023, the Red Hat APAC Innovation Awards 2023 celebrates the creative successes and achievements of our customers. Organizations today are increasingly turning to capabilities like data analytics to embark on transformation initiatives and cloud security to protect their businesses. Furthermore, they have to manage all these while addressing tightening resources and manpower. That is why open source continues to be a game-changer for businesses, giving them the flexibility and resilience to adopt technologies, both existing and emerging, to craft their own unique path to success.” 

Stephen Leung, Head of Information Technology and Fintech Development Department, The Bank of East Asia, Limited 

“At BEA, we believe collaboration and co-creation can be beneficial to all parties and to the fintech ecosystem as a whole. The combination of  Red Hat OpenShift with other fintech applications and a modern infrastructure was a great example of the validity of a Test and Learn approach; by adopting a new way of work and investing in new relationships, we came up with the best solution together.”

Frazer Lam, Chief Information Officer, China CITIC Bank International

“Red Hat is a trusted advisor that we can look to, giving China CITIC Bank International the assurance to seek alternatives to proprietary solutions and enhance customer experience through open source.”IN SHORT

Bank of East Asia and China CITIC Bank International Limited were recognized for their creativity in leveraging Red Hat solutions to deal with economic uncertainty in 2023 with innovation and delivering exceptional customer experiences.

FOR MORE INFORMATION

https://www.redhat.com/en/explore/innovation-awards-apac

ABOUT RED HAT

Red Hat is the world’s leading provider of enterprise open source software solutions, using a community-powered approach to deliver reliable and high-performing Linux, hybrid cloud, container, and Kubernetes technologies. Red Hat helps customers integrate new and existing IT applications, develop cloud-native applications, standardize on our industry-leading operating system, and automate, secure, and manage complex environments. Award-winning support, training, and consulting services make Red Hat a trusted adviser to the Fortune 500. As a strategic partner to cloud providers, system integrators, application vendors, customers, and open source communities, Red Hat can help organizations prepare for the digital future.

FORWARD-LOOKING STATEMENTS

Except for the historical information and discussions contained herein, statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company’s current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially. Any forward-looking statement in this press release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.

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