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Asian financial sector to increase cloud uptake

Anuradha Shukla | Nov. 13, 2013
Region is becoming more accommodative to cloud initiatives.

The 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 hybridization of Cloud. This hybridization has also given these institutions a customized solution for specific organizational 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.

Converging of regulations

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 to consider four common parameters in order to cope with regulatory and business mandates.

These financial institutions should consider the type of datacenter management, location of the datacenter, 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 modernization, play a deciding role in deciding where such technologies can be deployed to greatest effect."

 

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