OCI supports Singapore’s financial institutions with OSPAR report

Singapore is a leading center of financial services in the Asia-Pacific area, and the need for digital transformation is driving the adoption of cloud technology to optimize and protect financial institutions’ functions and operations. To meet growing demand for cloud services, Oracle Cloud Infrastructure (OCI) announced a second public cloud region in Singapore.

The growth in cloud computing brings the subject of IT outsourcing to the forefront for financial institutions. To address the potential risks of outsourcing the Associated Banks of Singapore (ABS) have established guidelines on control Objectives and Procedures for Outsourced Service Providers (OSPAR).

Through an independent third-party audit report, OCI has achieved an OSPAR attestation for the Singapore data region and 107 of OCI services. Customers in Singapore can run their applications on OCI with confidence knowing that OCI meets OSPAR security requirements and service controls.

What is OSPAR?

The Association of Banks in Singapore (ABS) is a non-profit organization that represents the interests of the commercial and investment banks operating in Singapore. ABS has established important recommendations for outsourced service providers (OSPs), who provide services to financial organizations in Singapore. These guidelines define baseline security controls that OSPs should have in place when offering services like cloud computing to banking customers. ABS guidelines include topics such as information security policies, logical and physical security, backup and disaster recovery, and network security.

OCI completes OSPAR assessment

At OCI, we support regulated customers by maintaining a robust global compliance program. In this case, Oracle has engaged an ABS-approved independent third-party auditor, E&Y, to assess OCI controls against the OSPAR requirements. E&Y So, Singapore financial institutions can trust that OCI security controls meet the OSPAR guidelines.

Customers can obtain a copy of the OSPAR attestation report by contacting their Oracle representative or download it directly from the Oracle Cloud Console.

Oracle’s commitment to supporting financial institutions in Singapore isn’t limited to OSPAR. Compliance advisories and contract checklists are available on the Oracle Cloud Compliance site to provide more information about OCI practices and capabilities in the context of ABS and the Monetary Authority of Singapore (MAS) guidelines

Next steps

For highly regulated industries like banking, strict requirements often impact decisions about the use of cloud technology. Investing in capabilities to help regulated customers address their security and compliance needs is a top priority for Oracle. Programs like OSPAR offer independent, third-party assurance of our ongoing commitment to deliver security cloud services.

For more information on OCI compliance programs, see Oracle Cloud Compliance. To learn more about how Oracle Cloud Infrastructure services can accelerate your digital transformation, contact a representative.