MONIX sought to quickly build a cost-effective, secure, scalable, and compliant lending platform to cope with demand for instant nano loans from unbanked Thai workers. To achieve this, the fintech company needed to analyze large volumes of customer data and implement a 24/7 smartphone solution that could service the low-income segment of the population with a personalized and convenient loan repayment approach that matches each customer’s behavior. Using Amazon Elastic Compute Cloud (Amazon EC2), a service that provides secure, resizable compute capacity in the cloud, MONIX can scale workloads automatically to deploy new FINNIX features every two weeks and meet customer demand for nano lending services, which doubles every two months. Amazon Elastic Kubernetes Service (Amazon EKS) gives MONIX the flexibility to start, run, and scale Kubernetes container applications in the cloud, so the company can easily identify and evaluate new customers for automated nano loan approvals. Using Amazon EKS, MONIX runs machine learning models to analyze customer transaction data and infer whether a customer is eligible for a loan. With Amazon Relational Database Service (Amazon RDS), which helps customers set up, operate, and scale a relational database in the cloud, MONIX can minimize database management time and ensure business continuity through automatic backups to help manage disaster recovery. MONIX uses AWS security, identity, and compliance services, including AWS CloudTrail and AWS Web Application Firewall (AWS WAF), to run the company’s finance offerings in a secure and compliant way.
“We were able to very quickly build a one-stop platform on AWS for the Thai people who need loans most in an effort to improve their financial lives,” said Ms. Thiranun Arunwattanakul, Chief Operating Officer, MONIX. “MONIX is growing rapidly, and AWS is helping us to scale cost-effectively to meet customer demand for innovative financial services and deliver an easy and frictionless user experience. Security and data compliance are crucial to our operations, and AWS helps us easily exceed industry standards.”
“MONIX’s vision is to create opportunities for Thai people to prosper and enjoy life. We are proud to support MONIX and ensure they are able to access AWS’s trusted services to launch the FINNIX app in just five months with a cost-effective, secure, scalable, and compliant lending platform running on the cloud,” said Conor McNamara, Managing Director of AWS ASEAN. “FINNIX gives Thai workers and small entrepreneurs access to instant nano loans via a formal lending channel. We will continue to support the MONIX team on their mission to drive financial inclusion, education, and security with the breadth and depth of AWS services.”
About Amazon Web Services
For over 15 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud offering. AWS has been continually expanding its services to support virtually any cloud workload, and it now has more than 200 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 81 Availability Zones within 25 geographic regions, with announced plans for 27 more Availability Zones and nine more AWS Regions in Australia, Canada, India, Indonesia, Israel, New Zealand, Spain, Switzerland, and the United Arab Emirates. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.