"Industry leaders, regulators and technology companies must work together to drive transformation for local FSIs," he said. "This involves ongoing and honest dialogue about the economic and strategic imperatives to be achieved while respecting timeless values that need to be preserved."
Both Giron and Britton agreed that 'The better a firm's understanding of regulations, the more likely it is to embrace public cloud services. In most instances, these initiatives are directly tied to customer-facing, digital banking capabilities like new customer acquisition and on-boarding.'
Other highlights from the study's summary include:
- In both mature and high-growth markets, firms interviewed for this study illustrated a lack of regulatory knowledge, citing perceived restrictions to cloud adoption/usage that are not actually present in the regulations.
- Defining strategies for engaging and interacting with financial regulators has become crucial. As firms' understanding of cloud regulations increases, so too does their understanding of how and when to engage regulators. FSIs that reach out to regulators more proactively and frequently to build relationships, establish trust, and address potential compliance issues earlier in the process are leading the sector in digital transformation.
- Cloud service providers are viewed as an essential part of the banking ecosystem in most Asia Pacific markets. FSIs do not consider cloud service providers to be mere passive utilities. Instead, they are expected to actively engage regulators to help shape their cloud delivery models and practices, thereby ensuring that proposed cloud initiatives are compliant with local (and regional) regulations and, hence, are more likely to be approved and implemented.
To see some other Malaysia FSI and Microsoft news, visit:
- Digitising Islamic Banking: Malaysia's Bank Islam signs new deal
- Standard Chartered first in Malaysia to launch video banking
- Malaysia's Hong Leong unveils more of its multi-pronged digital strategy
- Cashless society push will speed smart city development in Malaysia
- Mobility drives trading platform upgrade at Malaysia's Affin Bank
- What's really in store for Malaysia's IT industry in 2017?
- Digitising education in Malaysia: Microsoft E2 programme
- Microsoft widens Digital Transformation path for Malaysian NGOs
Sign up for CIO Asia eNewsletters.