Jump to Content
Security & Identity

Strengthening compliance for financial services customers in Singapore

November 18, 2019
Tim Synan

Regional Director Google Cloud, Southeast Asia

Companies in the financial services industry have to navigate a wide variety of regulatory and industry-specific compliance requirements. This is especially true for financial services customers in Singapore that use the cloud. These requirements include those mandated by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS). 

Today, we’re announcing three resources to help financial institutions in Singapore navigate their compliance requirements: 

  • Google Cloud Platform (GCP) and G Suite’s Outsourced Service Provider Audit Report (OSPAR) attestations

  • A whitepaper on cloud best practices for Singapore financial institutions

  • A set of Singapore-specific compliance guideline mapping documents 

To support customers’ ABS reporting and compliance requirements, we’ve obtained Outsourced Service Provider Audit Report (OSPAR) attestations for both GCP and G Suite. This means that an independent third-party has confirmed that both GCP and G Suite’s security and privacy controls meet the requirements of the Guidelines on Control Objectives and Procedures for Outsourced Service Providers (ABS Guide), which provides a set of guidelines for outsourced service providers who wish to provide services to financial services institutions operating in Singapore.

G Suite is the first cloud collaboration and productivity suite to receive an OSPAR attestation, and Google Cloud Platform is among the few hyperscale commercial clouds to receive the report. This news further demonstrates Google Cloud’s commitment to supporting Singapore’s digital transformation. 

While third-party validation of our security and privacy controls is important, we also believe we have a responsibility to help you understand your compliance requirements and how our products, technical capabilities, and legal commitments map to them. That’s why we published the Cloud best practices for Singapore financial institutions whitepaper, and mappings to the MAS Guidelines and ABS Guide.

With the whitepaper and mapping documents, we aim to help you interpret the MAS Guidelines and the ABS Guide, and provide an overview of our approach to information security, risk management, and the shared responsibility model. 

Compliance is critical to building trust in the financial services ecosystem, and we’re committed to working closely with customers, regulators, and industry organizations to strengthen their compliance frameworks as part of the digital transformation. For more information on our ongoing compliance efforts in Singapore and across the globe, visit our Compliance resource center.

Posted in