Swiss wealth management giant UBS has expanded its partnership with Microsoft to further develop its ‘cloud-first’ strategy and promote sustainability initiatives.   

Under the deal, the Swiss group plans to move more than 50% of its key workloads and other applications to Microsoft Azure cloud architecture within five years.

The move follows an earlier collaboration between the two entities to shift one-third of UBS’ applications to public cloud in four years.  

Following completion of the set target in 2021, UBS seeks to enhance its public cloud footprint.

Microsoft Azure will enable UBS to meet compliance standards, offer improved digital services to its staff as well as clients, and further reduce energy consumption, the tech giant said.

According to Microsoft, UBS’ move to migrate some technology platform workloads from its on-premises and private cloud servers to Azure has helped UBS save energy consumption by over 30%.

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The two entities have also jointly developed an open-source solution, Carbon Aware API, to promote low-carbon sources of electricity.

UBS Group chief digital and information officer Mike Dargan said: “Our cloud strategy has fundamentally changed the way we operate, allowing us to reinvigorate our technology estate and reimagine how we build applications for our clients.

“Closely partnering and collaborating with Microsoft has and will continue to create tremendous value for our clients, our employees, the firm and our shareholders.

“The developments and learnings that stem from this partnership will benefit the financial services industry and beyond.” Furthermore, UBS through Microsoft Power Platform will empower its employees to create advanced applications, automated workflows and link data sources.