Asia’s Financial Services: Ready for the Cloud

The Asia Cloud Computing Association (ACCA) has launched its new research report entitled “Asia’s Financial Services: Ready for the Cloud—A Report on FSI Regulations Impacting Cloud in Asia-Pacific Markets.” SyCipLaw Partner Rose Marie M. King-Dominguez with Senior Associate Ruben P. Acebedo II contributed the information on the Philippines.

The report reviews the current regulatory landscape and lists key regulatory challenges to the adoption of cloud services by the Financial Services Industry (FSI). The report compares regulations in 14 Asia-Pacific markets in nine specific areas: (1) processes for adopting cloud, (2) contracts for cloud services, (3) data location, (4) data use limitations, (5) security, (6) data segregation, (7) business continuity, (8) audit, review and monitoring, and (9) exit. It also makes recommendations to policymakers to improve conditions for cloud computing adoption by FSIs.

The executive and full reports are now available online for download:

Jurisdictions covered are Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.