“While there isn't an industry vertical or a customer of any size that isn't touching the cloud, we’ve seen huge momentum in the financial services sector over the last few years. One of the drivers of that momentum has been this idea of digital banking, with new digital banking licences being granted across Southeast Asia,” says Conor McNamara, AWS’s managing director for ASEAN, at a media briefing held at AWS re:Invent 2022 in Las Vegas today.
Cloud is becoming a key strategy for financial services institutions (FSIs) to attain and maintain a competitive advantage in digital financial services, with 92% of banks in Asia Pacific planning to increase their cloud spending this year. This is according to the International Data Corp’s (IDC) Banking Cloud Trends in Asia/Pacific in 2022: Cloud Becomes Truly Business-Critical report.
However, adopting the cloud comes with challenges, which is why Southeast Asia banks are increasingly turning to Amazon Web Services (AWS) to ensure they can fully benefit from the cloud.
