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.

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 of time, most organisations will be all in, in the cloud,” said Dean Samuels, head of solutions architecture for Hong Kong and Taiwan at Amazon Web Services, or AWS.

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