Singapore and Hong Kong have come up on top across the Asia Pacific (APAC) region as having the most favourable policies for cloud adoption, according to a report from the Asia Cloud Computing Association (ACCA) looking at financial services regulations.
The ACCA report observes that cloud computing technology is redefining the way financial services institutions (FSIs) respond to new consumer habits, according to a Media OutReach statement Monday.
At the same time, FSIs must address the need for data protection and privacy, and other heightened compliance requirements, the report suggests.
The Asia's Financial Services on the Cloud 2018 report was designed to provide a snapshot of APAC's financial regulatory landscape, and how certain types of regulation could enhance FSIs' ability to use cloud services.
This latest report is basically an update of a report initially published in 2015.
According to Gartner -- an American research firm -- cloud computing is projected to increase to US$162 billion in 2020 attaining a compound annual growth rate (CAGR) of 19 per cent. 74 per cent of Tech Chief Financial Officers (CFOs) said cloud computing will have the most measurable impact on their business in 2017.