Alibaba Cloud secures data validation from Banks of Singapore

OSPAR designed to support financial services industry in reducing compliance-associated costs when outsourcing the management of sensitive or mission-critical data to vendors

Alibaba Cloud has attained Outsourced Service Providers Audit Report (OSPAR) validation by the Association of Banks in Singapore (ABS), billed as a “public cloud provider first” by the vendor.

Awarded in February 2019, but unveiled late last week, OSPAR is designed to support the financial services industry in reducing compliance-associated costs when outsourcing the management of sensitive or mission-critical data to vendors.

The validation process involves compliance with strict standards and regular reviews conducted by ABS-qualified external auditors.

“Securing OSPAR compliance in one of the world's premier financial hubs means our customers can divert more resources to revenue-generating activities, while knowing they have a trusted and reliable partner in us,” said Larry Liu, leader of International Compliance at Alibaba Cloud.

According to Liu, OSPAR compliance is the latest in a series of security accreditations attained at a global level by Alibaba Cloud.

The Chinese giant has more than 70 other security and compliance accreditations worldwide, complying with global security standards such as Germany's Cloud Computing Compliance Controls Catalogue (C5) and the European Union's General Data Protection Regulation (GDPR) privacy guidelines.

In addition, Liu said Alibaba Cloud has also been carrying out “independent self-assessments and audits” on existing risk controls in regions such as Hong Kong, designed to adhere with regulatory, security and compliance guidelines.

“The world today runs on data, with increasing reliance on sensitive personal information for the purpose of providing better services and solutions,” Liu added. “External partners like Alibaba Cloud are required to manage the volume of data while making sense of its complexity, and this certification is an important endorsement of the integrity and approach we follow as a global cloud service provider.”

Across Asia Pacific, Alibaba Cloud has 15 availability zones outside mainland China, covering Hong Kong, Singapore, Australia, Malaysia, Indonesia, India and Japan. The vendor also has local data centres in Indonesia and Malaysia.

The validation comes amid channel expansion for the vendor across ASEAN, driven by the launch of a dedicated partner program in August 2018.

As reported by Channel Asia, the ASEAN initiative is designed to drive market growth through the channel.

Officially labelled ASEAN Partner Alliance Programme, the roll-out aims to develop an ecosystem compromising of service providers, system integrators, independent software vendors (ISVs) and start-ups.

At launch, and in addition to alliance vendors, the program aimed to recruit 150 solution partners within the next 12 months, backed up by the training of 600 sales and technology personnel.