The Singapore FinTech Association, a Singapore-based industry body for fintech companies, and KPMG in Singapore said on September 29 that governance gaps, not technical limits, are slowing adoption of cloud-based regulatory technology in Singapore and across Asia-Pacific.

The report said 77% of surveyed regulatory technology firms favor cloud-native deployment.

It also said 94% had encountered hesitancy from financial institutions, mainly because of accountability, security controls, procurement, and in-house skills rather than problems with the technology itself.

It recommended shared standards, reusable assurance artifacts, and clearer role mapping across providers and financial institutions.

For regulatory context, the Monetary Authority of Singapore maintains a cloud page and issued outsourcing risk management guidelines on July 27, 2016.

The report said MAS clarified in 2016 that it had no objections to financial institutions using cloud if they put in place robust governance and risk management.

🔗 Source: Singapore FinTech Association

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