Fusionex wins big data contract with Asian bank

Software company Fusionex International has won a contract with an Asian bank, which has the potential to “generate million dollars of revenue over time” for its big-data platform, Giant 2016.

The company, which specialises in big-data analytics, the internet of things, artificial learning and deep learning, said that the bank, which is one of Asia's oldest, will use Giant 2016 to accelerate its move into digital banking and cognitive computing.

Giant 2016 will upgrade the data management of the bank and the legacy manual data management system will be transformed into an automated structure, with data collection as well as smart-processing, which will save time and costs.

The security and traceability features will also enable the bank to secure data across its commercial, corporate, retail, consumer, and micro banking businesses.

Ivan Teh, Fusionex managing director and chief executive, said: "The contract win clearly demonstrates the growing demand for data management and analytics which generate significant productivity, cost and efficiency gains in the financial services sector, amongst other industries. Fusionex looks forward to working closely with the client, especially in the areas of 'fast data', streaming capabilities, deep learning and artificial intelligence."

Shares in Fusionex International were down 0.31% to 162p at 0859 GMT.