40%
Cost Savings
20+
Fintech Apps Delivered
$1M
Transactions per Day
70%
Reduction in Fraudulent Activities
About the Client
A Singapore-based key player in the fintech industry.
Solution
CMC Global delivered a comprehensive solution on the scalable AWS infrastructure, with a focus on web-based and mobile distributions, blockchain-based loyalty programs, and AI/ML-powered fraud detection.
Overview
Industry: Fintech
Technology: AWS EKS, S3, AWS ML, Java, VueJS, Native Android/iOS App Developments, Blockchain
Service Domain: Cloud App Development, Blockchain Development, Advanced Analytics AI/ML
Background and Challenge Story
Our customer realized the need for strategic application development to improve their organization and capitalize on rising prospects in the fintech industry. However, they encountered multiple challenges in fulfilling their objectives. They sought to establish an offshore delivery center to pair with their onshore staff and maximize the advantages of cost-effective collaboration. They also aimed to incorporate cutting-edge technology such as AI/ML and blockchain into their applications to improve user experience and strengthen fraud detection and prevention capabilities.
With an ambitious project scope that spanned multiple work streams, including core banking, smart lending platforms, supply chain finance, smart agent teams, eKYC, and smart interviews, our client faced the challenge of effectively managing and coordinating development efforts across diverse technologies and business domains. They needed a partner who could not only deliver high-quality solutions but also ensure smooth system operations and customer satisfaction.
To overcome these challenges, our client engaged our expertise and embarked on a journey to establish a scalable offshore delivery center in Vietnam. The goal was to leverage the talent pool and cost advantages in Vietnam while maintaining close collaboration with the onshore team in Singapore. This strategy enabled optimal resource allocation, lower development costs, and faster project timelines.
CMC’s Approach and Solution
We established an offshore delivery center in Vietnam to satisfy the client’s desire for a scalable and cost-effective development methodology. By leveraging the large talent pool and favorable cost structures in Vietnam, we created a dedicated team of skilled professionals who collaborated seamlessly with the onshore team in Singapore. To deal with various work streams, we adopted a technology-driven approach. Our development team utilized Java, VueJS, ReactJS, and mobile app development to build powerful and user-friendly fintech applications. We integrated advanced technologies, including AI/ML and blockchain, to enhance fraud detection capabilities, prevent financial crimes, and ensure secure transactions within the applications.
Throughout the project, we maintained constant communication and collaboration with the client. We conducted thorough requirement analysis, provided regular progress updates, and incorporated feedback to ensure the solutions aligned with the client’s vision. Our experienced development team and comprehensive technology stack enabled us to overcome challenges and deliver innovative and high-quality solutions. Establishing the offshore delivery center in Vietnam, combined with our technology-focused approach, allowed us to effectively address the client’s challenges, accelerate development timelines, and optimize cost efficiency.
Solution Story
During the implementation and deployment of the solution, we encountered several challenges that required innovative approaches and problem-solving skills. One of the key challenges was managing the coordination between the onshore and offshore teams, ensuring effective communication and alignment of project goals. We established clear communication channels, implemented agile project management methodologies, and conducted regular video conferences and workshops to bridge the geographical gap and maintain a cohesive team.
Another challenge was ensuring the seamless integration of different technologies, such as Java, VueJS, ReactJS, AI/ML, and blockchain. We faced compatibility issues and complexity in integrating these technologies within the Fintech applications. To overcome this, we conducted thorough testing and quality assurance processes, identified and resolved technical bottlenecks, and collaborated closely with the client’s technical team to ensure smooth integration.
Additionally, the project timeline posed a challenge as it required the efficient execution of multiple work streams within a specified timeframe. We implemented a phased approach, prioritizing critical components and delivering incremental releases to ensure steady progress and timely completion of each work stream. This allowed us to maintain project momentum and address any unforeseen challenges or changes in requirements.
Despite these challenges, our dedicated team of skilled professionals, combined with effective project management and agile methodologies, enabled us to overcome obstacles and deliver high-quality Fintech applications successfully. The solutions we developed played a pivotal role in driving customer deployments to banks in Southeast Asia, enhancing operational efficiency, and meeting the demands of the Fintech industry.
The project’s success was evident in the smooth and obstacle-free operation of the developed systems, high customer satisfaction scores, and the recognition of our offshore delivery center as the largest in Asia. Through collaboration and innovation, we navigated challenges, delivered impactful solutions, and supported our client in their mission to revolutionize the Fintech landscape.
Results
The set up of an ODC has opened new opportunities for the company. It achieved a remarkable cost reduction of 40% by leveraging the offshore delivery center model in Vietnam, enabling our client to allocate resources efficiently and invest in further technological advancements. They developed and deployed 20+ fintech applications within aggressive timelines, showcasing the offshore team’s expertise and ability to deliver high-quality solutions
Now that the company has implemented AI/ML-powered fraud detection, it has seen a 70% reduction in fraudulent activities, safeguarding the financial ecosystem. The scalability and reliability of AWS infrastructure is leveraged to support the rapid growth of users, handling over 1 million transactions per day with no service disruptions. They also successfully launched a blockchain-based loyalty program, increasing customer engagement by 30% and driving customer retention and satisfaction.
