30 Jun '16, 2am

MAS looking to clarify use of cloud technology by banks

MAS looking to clarify use of cloud technology by banks

THE Monetary Authority of Singapore (MAS) is looking to come up with a new policy for cloud computing, following feedback from the banking industry that there needs to be more clarity around the use of cloud services, said Sopnendu Mohanty, chief fintech officer at MAS, on Thursday. This comes as banks see cloud technology as a means to keep up with the rising cost of infrastructure systems. Mr Mohanty also noted that the real disruption from startups may be coming at the "IBMs of the world" that build banks' infrastructure systems. "Banks have a special talent in deploying legacy technology," he said at a panel discussion, adding that banks have to engage the 80 per cent of the fintechs that are working with the incumbent lenders to build more nimble technology. "The sacred cow is not the banks." He also noted that the remaining 20 per cent of fintech firms have not creat...

Full article: http://www.businesstimes.com.sg/banking-finance/mas-looki...

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