How the regulatory landscape is impacting cloud usage among Asia’s financial services institutions
Produced by the ACCA with support from Salesforce, the Asia’s Financial Services on the Cloud 2018 report builds on 2015 research to paint an updated picture of Asia-Pacific’s landscape and how it influences the FSIs’ ability to leverage cloud services. There’s also strategic insight into the need to work towards consistency across the region, to ensure efficient use of services as well as to reduce compliance requirements.
Get up to speed on the top drivers, from heightened cloud understanding among regulators, developments in technology, plus more nuanced outsourcing guidelines.
Asia Pacific financial services institutions (FSIs) are rapidly digitising their processes using cloud and new technology. This has allowed them to become more cost-efficient, as they streamline business processes.
Cloud computing has also been shaping the way FSIs respond to new consumer habits, evolving to meet the needs of a new competitive landscape, and adjusting to heightened compliance requirements.
Migration of core FSI systems to public cloud remains an untapped potential for efficiency gains. Expect more changes in these systems in the coming years, as pressure to innovate and costs of upgrading legacy core systems increase.
FSIs have increasingly integrated technology into their day-to-day operations. The regulatory landscape has evolved to meet this trend, with the creation of fintech regulatory sandboxes and national payment gateways, support for open banking protocols, and implementation of mandatory data breach reporting regimes.
While some APAC Regulators are clarifying outsourcing rules and guidelines to help firms achieve compliance, regulatory restrictions and cloud adoption blockers still exist.
Discover 7 key recommendations to improve the current regional regulatory landscape.