MAS to clarify use of cloud computing by banks

MAS's deputy chairman Lim Hng Kiang had said this week that MAS recognises the benefits of cloud technology, but wants banks to manage the risks that come along with it

Published Thu, Jun 30, 2016 · 09:50 PM

Cloud computing

Singapore

THE Monetary Authority of Singapore (MAS) will soon spell out what it expects of banks and other financial institutions which use cloud computing, following the industry's request for clarity in this area, said Sopnendu Mohanty, chief financial technology (fintech) officer at MAS.

This comes as banks begin to consider cloud technology - the storing and accessing of data and programs over the Internet - as a solution to the rising cost of infrastructure systems.

Mr Mohanty, speaking at a panel discussion on the opportunities and challenges for financial institutions with the rise of fintech, noted that the "IBMs of the world" - the legacy technology giants which build banks' infrastructure systems - are in for a "disrupti…