Asian financial sector’s cloud uptake gathering pace

cloud_computingThe Asian financial sector is predicted to increase its cloud uptake, according to IDC Financial Insights’ latest study, ‘Business Strategy: Asia/Pacific Financial Cloud 2013 – Getting the Best of Both Worlds.’

The entire region is becoming more accommodative to cloud initiatives with the evolution of new Cloud delivery models.

IDC finds Asia/Pacific’s financial industry to be conservative but these new models are expected to change the way businesses adopt technology in the region.

Financial institutions now have access to the ‘right’ model for their industry thanks to the continued hybridisation of Cloud. This hybridisation has also given these institutions a customised solution for specific organisational functions.

“Hybrid models along the private-public spectrum now have lower barriers of entry and are becoming viable solutions to the longstanding ‘cost-versus-compliance’ dilemma,” said Sui-Jon Ho, market analyst in IDC Financial Insights.

Longstanding policy uncertainties are slowly fading out in the Asian financial sector as once-fragmented financial regulations are now converging on various areas such as service interruption, information leakage and customer data security.

IDC’s newly-released study suggests financial institutions should consider four common parameters in order to cope with regulatory and business mandates.

These financial institutions should consider the type of datacentre management, location of the datacentre, user tenancy and the inclusion data segregation.

A combination of the Dedicated Private Cloud (DPC), Virtual Private Cloud (VPC) and the Community Cloud models as well as usage of traditional public and private cloud services can address the IT challenges faced by organisations.

“Taking full advantage of cloud solutions lies in determining which of Asia’s structural environments are becoming more permissive for cloud rollouts,” added Ho. “Macro-factors, from regulatory alignment to ICT infrastructure modernisation, play a deciding role in deciding where such technologies can be deployed to greatest effect.”


Originally published on MIS Asia. Click here to read the original story. Reprinted with permission from Story copyright 2024 International Data Group. All rights reserved.
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