Q&A: FinTech players have their heads in the cloud
FinTech services are all the rage at the moment, and one reason for that is the prevalence of cloud computing platforms that enable such services. Which is ironic, given that traditional banks and financial institutions have been famously conservative about cloud adoption – even private clouds seemed risky compared to closed proprietary networks under their control. FinTech start-ups, on the other hand, have wholeheartedly embraced cloud as an enabler to break into the finance business quickly.
Dr Hing-Yan Lee, executive vice president of APAC for the Cloud Security Alliance, talks to Disruptive.Asia editor John C Tanner about the role of cloud in the FinTech explosion, and the security and compliance challenges that come with the territory.
Disruptive.Asia: What trends are you seeing in terms of cloud adoption for FinTech services?
Dr Hing-Yan Lee: Adoption of cloud services in the FinTech industry is surely increasing. Benefits for FinTech services using cloud include higher scalability, market-dependent flexibility and much faster service update cycles. Industrial leaders like HSBC already report that they are adopting cloud solutions – we expect other FinTech players to follow.