- Datapipe Maps Digital Transformation For Singapore’s Highly-Regulated Financial Sector
Singapore’s financial services industry is faced with constantly evolving regulations to digitize – particularly around cloud adoption despite the benefits the cloud brings to ensuring Singapore’s competitiveness as a global financial centre
- Singapore is ranked third in the 2016 Global Financial Centres Index (GFCI). The financial sector is key to Singapore’s future, accounting for 34 percent of overall GDP growth from 2013 to 2015 (DBS Bank); employing around 5 percent of the 3.61 million workforce (Monetary Authority of Singapore, 2016), and contributing over 12 percent of the country’s overall GDP
- Datapipe, a leader in managed cloud services for the enterprise and an Amazon Web Services Premier Partner, has developed a set of resources designed for the banking and finance sectors to easily move to the public cloud while maintaining the latest cloud compliance measures set out by the Monetary Authority of Singapore (MAS)
SINGAPORE, 13 SEPTEMBER 2016 — Datapipe, a leader in managed cloud services for the enterprise, and an Amazon Web Services Inc. (AWS) Premier Partner today have launched a first-of-its kind workbook and whitepaper to help Singapore’s banking and finance industry navigate complex regulations around cloud computing. These documents provide a guide for organisations looking to adhere to security and regulatory frameworks laid out by the Monetary Authority of Singapore (MAS) – Singapore’s central bank and financial regulatory authority.
Cloud computing is now widely accepted as a key enabler for business innovation. However it remains highly regulated within the banking and finance sector, chiefly to mitigate risks to organisations, customers and economies when outsourcing personal financial data and infrastructures. The workbook and whitepaper seeks to help the financial sector adopt public cloud, in accordance with security and compliance guidelines charted by the MAS and updated as recently as July 2016.
Joel Friedman, Chief Technology and Security Officer at Datapipe, said: “Financial markets are competitive and a move into a cloud environment can easily help banking and financial institutions gain a competitive advantage by helping scale businesses faster and improve speed to market. We see increased demand for cloud services among the sector, however this rightly comes with an increased demand for security and compliance controls. The content and program we have released today directly address these requirements. Our newly available resources look to accelerate cloud deployment on AWS and hybrid environments for the financial services industry in Singapore.”
“Datapipe is an AWS market leader in cloud services and a formidable AWS global partner. We share a joint history of innovation, including the development of a Global Centre of Excellence to drive worldwide public cloud deployment and migration. We’re excited to bring improved productivity and innovation to local financial services institutions that are in accordance with the MAS’ strict regulatory and compliance guidelines,” added Friedman.
Singapore-based Catena Technologies is a fast-growing Fintech company which has recently moved to the cloud with Datapipe. As a consulting and technology services company that works with banks and other financial institutions to implement their proprietary technology solutions, Catena moved its primary workloads to the cloud with Datapipe ensuring MAS compliance was achieved through the design, build and management of the cloud environment.
On working with Datapipe to realize cloud computing efficiencies while remaining compliant with regulations, its CEO Aaron Hallmark said: “Not only can we continue to offer our installed software, but we now have an efficient, hosted solution aligned to MAS’ requirements. We can spin up on-demand for our customers in need of a hosted environment with ongoing management and support.”
Gartner estimates that, since 2013, regulatory bodies have introduced more stringent cloud vendor risk management guidelines, making compliance with regulatory standards more challenging for business leaders. It estimates that public cloud services in APAC would rise from US $7.4 billion in 2015 to US $11.5 billion in 2018, a compounded annual growth rate (CAGR) of 11.65 percent. The Infocomm Development Authority of Singapore (IDA) as well as research firm IDC have, meanwhile, listed cloud computing as a key pillar for Singapore to achieve its vision of becoming the world’s first Smart Nation. Adoption among the financial services industry will play a key part in this growth.
The full whitepaper, titled Public Cloud Compliance for Financial Institutions in Singapore: A deep dive into the Monetary Authority of Singapore compliance requirements, can be found here: http://go.datapipe.com/whitepaper-mas-compliance
Documents addressed in the whitepaper include:
- Monetary Authority of Singapore (MAS) Technology Risk Management (TRM) Notice and Guidelines (2013)
- MAS Outsourcing Guidelines (Updated 2016)
- IDA Personal Data Protection Act (2012)
More information on how Catena was able to take advantage of a MAS compliant cloud can be found in the case study here: http://go.datapipe.com/case-study-catena.pdf
A next generation MSP, Datapipe is recognized as the pioneer of managed services for public cloud platforms. Datapipe has unique expertise in architecting, migrating, managing and securing public cloud, private cloud, hybrid IT and traditional IT. The world’s most trusted brands partner with Datapipe to optimize mission-critical and day-to-day enterprise IT operations, enabling them to transform, innovate, and scale. Backed by a global team of experienced professionals and world-class interconnected data centers, Datapipe provides comprehensive cloud, compliance, security, governance, automation and DevOps solutions. Gartner named Datapipe a leader in the Magic Quadrant for Cloud-Enabled Managed Hosting.
About Catena Technologies
Catena Technologies Pte Ltd specializes in architecture, design, and delivery of advanced technology solutions for the financial services industry. Based in Singapore, the company has worked with customers across the world, including the U.S., U.K., Japan, Hong Kong, Australia, Singapore, and China. Catena Technologies combines in-depth knowledge of the financial markets with expertise implementing cutting-edge solutions.