Cloud service providers looking to capitalise on increased demand from the financial sector need to be aware of the risks and issues that come with the territory. Providers need to be sensitive to the specific needs of financial sector customers in order to build successful relationships with this diverse and often sophisticated user base.
The regulatory landscape in the jurisdictions where the customer operates is a key consideration. Cloud service providers seeking to serve the financial sector will need to understand local requirements relating to:
- financial services licensing
- outsourcing
- critical infrastructure
- data privacy and security
Early engagement with the customer on these issues, underpinned by customer education on cloud service operating models, is critical to a successful implementation.
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Author
Karen H.Y. Man
Karen Man is a partner in Baker McKenzie’s Financial Services group, leading the non-contentious Financial Services Regulatory practice. Her clients include global, Chinese and local banks, fund managers, brokers/dealers, money service operators and fintech firms. Karen is admitted to practice in Hong Kong, the UK, and Australia.
Author
Adam Aft
Adam Aft helps global companies navigate the complex issues regarding intellectual property, data, and technology in product counseling, technology, and M&A transactions. He leads the Firm's North America Technology Transactions group and co-leads the group globally. Adam regularly advises a range of clients on transformational activities, including the intellectual property, data and data privacy, and technology aspects of mergers and acquisitions, new product and service initiatives, and new trends driving business such as platform development, data monetization, and artificial intelligence.
