Internet giants battle to lure banks into cloud

On offer is vast computing power needed to keep up with the fintech revolution. The downside is greater risk of a cyberattack and the headache of complying with a plethora of data sovereignty laws.

Internet giants battle to lure banks into cloud

Amazon Web Services is set to open a cloud over Hong Kong in 2018 after doing the same for Singapore last year. The internet services provider hopes to lure more Asia-based businesses to migrate their data into its storage centres.

And for the majority of banks, to a greater or lesser extent, the inexorable march into the cloud, where IT hardware can be accessed remotely, is already under way.

“In the fullness...

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