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.