Seize New Opportunities of Digital Transformation in the Financial Industry!
Posted: Tue Jan 07, 2025 8:49 am
In the past, financial institutions were required to comply with "data confidentiality and data landing" in accordance with the law when obtaining and storing data. In particular, when storing important business data (such as customer data), it had to be stored in physical computer rooms in Taiwan, and when outsourcing the use of cloud services, significant risks were involved. If you want to operate or entrust work overseas, you must apply to the Financial Supervisory Commission for approval, which is a complicated and time-consuming process.
These regulations are mainly to protect data security and privacy, but they also make it difficult for financial institutions to quickly adopt cloud solutions, thereby increasing data processing costs and facing challenges in digital transformation.
After the law is revised: Simplifying outsourcing procedures and making data management easier
Now, the Financial Supervisory Commission has taken into consideration that the global financial industry is undergoing digital transformation and financial services have become more diversified and convenient, so it has relaxed the regulations on financial cloud migration. In the future, bank operators will no longer need to apply for using qatar whatsapp phone number domestic cloud services to handle general office affairs; the regulations for overseas cloud services have also been significantly relaxed. In the past, all operators were required to apply before introducing them. After the amendment, unless it is a major consumer finance business (such as credit card information), Applications are required for types specified by the competent authority, and others can be accessed to overseas public clouds without application.
For outsourced cloud operations that are not clearly regulated, under the new system, as long as the first application is approved, other financial players do not need to apply again to use it. It will become easier to adopt cloud solutions, data platforms and other services. Although regulations on cloud migration have been greatly relaxed, industry players still have to follow principles such as risk management and control to ensure data security.
This openness to the cloud is limited to banks, credit unions, bill finance companies and credit card business institutions, but it is undoubtedly a big step forward for the financial industry. It is worth looking forward to the future of full openness to the cloud.
These regulations are mainly to protect data security and privacy, but they also make it difficult for financial institutions to quickly adopt cloud solutions, thereby increasing data processing costs and facing challenges in digital transformation.
After the law is revised: Simplifying outsourcing procedures and making data management easier
Now, the Financial Supervisory Commission has taken into consideration that the global financial industry is undergoing digital transformation and financial services have become more diversified and convenient, so it has relaxed the regulations on financial cloud migration. In the future, bank operators will no longer need to apply for using qatar whatsapp phone number domestic cloud services to handle general office affairs; the regulations for overseas cloud services have also been significantly relaxed. In the past, all operators were required to apply before introducing them. After the amendment, unless it is a major consumer finance business (such as credit card information), Applications are required for types specified by the competent authority, and others can be accessed to overseas public clouds without application.
For outsourced cloud operations that are not clearly regulated, under the new system, as long as the first application is approved, other financial players do not need to apply again to use it. It will become easier to adopt cloud solutions, data platforms and other services. Although regulations on cloud migration have been greatly relaxed, industry players still have to follow principles such as risk management and control to ensure data security.
This openness to the cloud is limited to banks, credit unions, bill finance companies and credit card business institutions, but it is undoubtedly a big step forward for the financial industry. It is worth looking forward to the future of full openness to the cloud.