Upgrade MySQL 5.6 to 5.7 or 8

Hello all,
We are running mifos 18.03 on AWS . So far so good. However I just received message that AWS will force me ( and everybody else running on AWS ) to upgrade their MySQL to version 5.7 or 8 before august 2021. Is this possible? Did anyone already do such upgrade succesful? Or maybe anyone who has converted the dbase to Amazon Aurora?

If there is anyone in the community who can help guide me/us in this process I am happy to connect.

Regards, Frans