Alibaba Cloud has become the first public cloud provider to earn Outsourced Service Providers Audit Report (OSPAR) validation by the Association of Banks in Singapore (ABS).
OSPAR is a standard validation that helps financial services industry to reduce the compliance-related costs while handing the management of sensitive data to third-party vendors. The validation process requires strict standards, including regular compliance reviews conducted by the ABS qualified – external auditors.
To become OSPAR validated cloud provider, Alibaba Cloud has proven its commitment in multiple areas, such as IT security. It will deliver reliable, secure, stable, and compliant cloud computing services to customers.
“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, Alibaba Cloud International Compliance Lead.
Alibaba Cloud has also been executing self-assessments and audits in Hong Kong to ensure the company is effectively operating with the regulatory requirements and follows security and compliance guidelines of financial service institutions in the regions it is operating.
Alibaba Cloud currently operates in 15 availability zones in the Asia Pacific region outside mainland China, including Hong Kong, Australia, Singapore, Indonesia, Malaysia, India and Japan.
“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.”
Alibaba Cloud is actively working with local regulators and authorities for bringing best practices for IT security and compliance to benefit businesses and consumers. It already has over 70 other accreditations globally related to security and compliance. These include Germany’s Cloud Computing Compliance Controls Catalogue (C5), and EU’s General Data Protection Regulation (GDPR).