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Cloud in Latin America: Opportunities and Challenges for Financial Services
This Digital Finance briefing note explores the opportunities that cloud computing can unlock in the Latin America region (LatAm), and some of the challenges that will need to be addressed for that promise to be fulfilled.
In previous publications, we have emphasised the role of cloud computing as a vital enabler of digital transformation for financial services, as well as a source of resilience during the pandemic. In LatAm, we see that cloud adoption is increasingly becoming mainstream in financial services and e-commerce. We also find that cloud-enabled services have been a key enabler of digital banking and dramatic increases in financial inclusion measures during the pandemic. However, barriers and challenges to cloud adoption remain, including regulatory ambiguity and data localization measures. We close with some recommendations on these topics, and next steps.
The IIF looks forward to continuing to engage with stakeholders on this topic, including on the issues for further study identified in the briefing note. As we did in the wake of our report on cloud in Asia-Pacific financial services, we will look for opportunities to host events that leverage this work and bring together financial institutions, cloud service providers, and regulators to address the opportunities and challenges ahead.