Company: Cathay Financial Holding Co. Ltd. Taipei, Taiwan
Company Description: Cathay Financial Holdings has established its presence in Taiwan on December 31, 2001, with registered capital of NTD$120 Billion. Composed of insurance, securities, banking and other diversified financial institutions, Cathay Financial Holdings has become a full-functioning financial platform.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Cloud Enterprise Resource Planning (ERP) Solution
 Nomination Title: Cathay's Innovative Cloud Transformation Platform - ASAP : Information Asset Management
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
Cathay's Innovative Cloud Transformation Platform - ASAP, Officially launched in January 2024.
Cloud ASAP Platform is a comprehensive suite designed to empower businesses of all sizes to achieve seamless cloud migration and growth, while also addressing critical aspects of Governance, Risk Management, and Compliance (GRC). This collaborative effort by Cathay Financial Holdings and Cathay subsidiaries simplifies the digital transformation journey, offering a streamlined and optimized path to cloud adoption.
The platform's development has been marked by key milestones:
2023 H1 - Proof of Concept (POC): The initial phase focused on validating the platform's core functionalities and demonstrating its potential value to businesses. The POC showcased the platform's ability to accelerate cloud migration, improve efficiency, and enhance security.
2023 H2- Preview: The platform underwent extensive testing and refinement based on feedback from early adopters. During this phase, select customers were invited to preview the platform's capabilities and provide insights for further improvement. The preview phase also included the integration of advanced GRC features.
2024 H1 - General Availability (GA): With the official launch in January 2024, the Cloud ASAP Platform became widely available to businesses of all sizes. The GA version incorporates all the learnings and enhancements from the previous stages, delivering a mature, feature-rich, and user-friendly solution.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 332 words used.
The platform's key features include:
- Cloud Migration Assessment (CMA): Provides a thorough evaluation of an organization's readiness for cloud migration, assessing potential business impact, technical costs, and risk levels. Generates detailed reports and dashboards for informed decision-making.
- Architecture Decision Record (ADR): Helps businesses document and manage architectural decisions throughout the cloud migration process, ensuring a structured and well-governed approach aligned with the TOGAF framework.
- Change Advisory Board (CAB): Facilitates effective change management in the cloud environment, including checklists related to Cloud Controls Matrix (CCM) and ISO27017 for proper assessment, approval, and implementation of changes.
- Cloud Security Guard (CGuard): A robust security module combining Cloud Security Posture Management (CSPM) with SCC premium,and vulnerability tracking. Helps maintain a strong security posture, identify and mitigate risks, and ensure continuous compliance.
- Cloud Resource Management & Optimization: Provides a centralized dashboard for managing and optimizing cloud resources, offering cost management features, asset management capabilities, and recommendations for efficient resource utilization.
- Cloud Mentor Chatbot: Offers intelligent assistance and guidance throughout the cloud adoption journey, providing cloud knowledge mentoring, answering queries, and offering strategic consulting.
- As a Software as a Service (SaaS) level offering：Once companies join the platform, they can conveniently and securely use it by logging in through the group's employee portal with their employee credentials. This allows users to immediately start adding assets to the platform with confidence.
- Centralized Management and Consistency in Information Asset Fields：The platform architecture utilizes a multi-tenant management model, completely isolating databases to prevent interference while still meeting the group's unified asset management strategy. This integration ensures that information asset fields across the group are standardized and no longer operate independently.
The Cloud ASAP Platform integrates GRC capabilities across all modules, enabling organizations to govern their cloud environment effectively, manage and mitigate risks, and ensure compliance with regulations. The platform's governance framework allows businesses to define, implement, and enforce policies and standards, while its risk management tools help identify, assess, and mitigate potential risks. Compliance features support automated checks, auditing, and reporting.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 269 words used.
Our Cloud ASAP Platform's evolution from POC in 2023 to GA in 2024 showcases its maturity and increasing adoption, with over 250 applications and 800 active users across five organizations leveraging its capabilities to accelerate their cloud transformation journey.
Customers have praised the platform's comprehensive features, ease of use, and significant impact on streamlining their cloud migration and optimization processes. The platform provides a suite of tools that enhance work efficiency, such as automated assessments, architectural decision support, change management, security monitoring, resource optimization, and AI-powered chatbots for guidance.
Industry experts and managers have recognized our innovative approach to simplifying cloud adoption, with the platform winning the Best Science and Technology Award at the 2023 Cathay Digital Data Technology Awards for its groundbreaking achievements in cloud technology.
Showcasing our pioneering solution at the 2023 Cathay Financial Holdings Technology Annual Conference was a significant milestone, allowing us to build momentum, generate interest, and highlight our platform's capabilities in accelerating and simplifying the cloud transformation journey for enterprises.
Looking ahead, we remain committed to enhancing our platform with a strong focus on integrated GRC capabilities. Our plans include increasing active apps and users, integrating with more third-party tools, and introducing AI-powered features for intelligent optimization and risk mitigation. By incorporating advanced GRC functionalities, we aim to empower our organization with robust governance, proactive risk management, and streamlined compliance throughout their cloud transformation journey. With impressive market performance, positive feedback, industry recognition, and a dedication to strengthening GRC, we are confident in solidifying our position as a leading solution for enabling seamless, secure, and compliant cloud migration and management within our organization.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 6 words used.
Product deck
https://drive.google.com/file/d/1jEhw_RgwXRBN_ZjgwT-Hjuob8cphSEcS/view
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