The Singapore-based banking group says it is staying ahead of the pack with its latest digital push.

Singapore-headquartered DBS said it is breaking ground in Southeast Asia by running cloud applications on a platform from "digital transformation" firm Pivotal.

DBS will use Pivotal's cloud platform, known as Pivotal Cloud Foundry, enabling it to innovate at a speed and volume on a par with internet big-hitters such as Google, Facebook and Netflix. The collaboration is part of how DBS, which has made great play of its digital strategy, is seeking to present itself as a cutting-edge financial institution at a time when traditional banking is being challenged by fintech ideas.

“Like many traditional industries, the banking sector is being disrupted by agile start-ups and fintech companies that are delivering a differentiated experience to customers. To compete effectively against these new entrants, DBS must have the ability to be responsive to customers. Pivotal Cloud Foundry gives us the software platform to think and act like a technology company and innovate at start-up speeds," David Gledhill, DBS head of group technology and operations, said in a statement.

The collaboration is also a sign of continued ferment in the digital/IT space for banks as they seek to adapt to developments in areas such as big data, "robo advice", distributed digital ledger systems such as blockchain, artificial intelligence and cloud computing. A number of banks and financial organisations, such as Deutsche Bank, Standard Chartered and Citigroup, have set up "innovation labs" and supported such facilities as part of this process.

DBS is using the Pivotal solution to build "next-generation" credit risk management and funds transfer pricing systems for the bank, as well as other systems, it said.

Pivotal is also working with DBS to equip the bank’s application development team with the next-generation software development services of Pivotal Labs.

“The banking industry has long been saddled with legacy systems that can hinder the speed of innovation,” said Lionel Lim, vice president and managing director of Pivotal.