Status: Draft -- Not PublishedWill be live at 10/13/2021 10:43
Cloud Adoption and Regulation in Asia Pacific Financial Services
Key Initial Findings
Cloud adoption is trending higher in financial services, and in some cases accelerating, with benefits that include improved security and cost savings.
A new IIF study is examining the state of play in the Asia-Pacific financial services sector. Ahead of our report in November, this note summarizes some of our key initial findings, on the occasion of the IIF Annual Membership Meeting.
We find that talent is crucial, and reskilling existing workforces is being encouraged. There is a variety of attitudes to data localization, but all regulators insist that access to data is vital. No authority sees an immediate need to extend the regulatory perimeter to cover CSPs, and systemic risk is not considered significant at this time. Data sharing/access, systemic risk and cooperative supervision are among the topics where authorities feel more coordination would be helpful.