QUOTE: Red Hat’s Damien Wong on legacy footprint in SEA

A lot of local banks have quite heavy usage of legacy and proprietary solutions. In the last 18 months however there has been a shift among leading players in this region – from hardly using open source to being strong advocates.

My guess is they have woken up and seen their lunch being eaten by someone else. I recommend them to rapidly consider their digital strategy.

There are large established traditional banks that start a fintech division, but these are still within traditional confines and are not given ability to innovate and really flourish.

We will see the real shake out happen in the coming months or years.

-Damien Wong, General Manager, Red Hat ASEAN