Westpac’s business division CIO discusses challenges of divesting non-core assets
Westpac’s BT is embarking on a modernization journey for its Panorama financial planning platform, aiming to migrate it to the cloud. The move not only aims to enhance the platform’s capabilities but also make it easier to separate from the Westpac Group in line with its planned divestment.
Richard Holmes, the CIO of Westpac’s specialist business division, discussed the challenges associated with ring-fencing large IT assets and unwinding tight system integrations to prepare these assets for life outside the Westpac Group in the latest episode of the iTnews Podcast. The specialist business division focuses on divesting non-core banking assets, including the life insurance, general insurance, BT platforms, and superannuation businesses.
Holmes stated, “My role is fundamentally to get those businesses in shape, to take them through the sales process, obviously to run the IT in the meantime, but importantly, work through the separation options and how we would actually divest these businesses.” One of the key challenges is defining a clear perimeter of what is included in the divestment process.
In other news, Evercomm, WeavAir, and ReClimate have emerged as the winners of the Singapore GreenTech Challenge 2023. The challenge, a collaboration between Microsoft, Singapore’s Infocomm Media Development Authority (IMDA), and SGTech, aims to accelerate the development and adoption of innovative sustainability solutions in Singapore as part of the nation’s goal to achieve net-zero emissions by 2050.
Each winner will receive up to $US350,000 in benefits and will be onboarded to the Microsoft Independent Software Vendor (ISV) Success Program, where they will be recognized as Microsoft ISV partners. The announcement was made during Microsoft’s Action for Sustainable Innovation event, which highlighted the importance of acting for sustainability through innovation and creating a positive impact on the environment. The event featured discussions with industry experts and showcased innovation from Microsoft and its partners in driving meaningful climate impact across the Microsoft Cloud.
The Singapore GreenTech Challenge 2023 attracted 32 entries and reached over 3 million people, uncovering new solutions for organizations to set and track sustainability targets, transition to renewable energy sources, and participate in the creation and trade of carbon assets.