Sri Lanka’s central bank mulls rules for cloud computing, fintech

ECONOMYNEXT – Sri Lanka’s central bank plans to introduce guidelines for the financial sector covering emerging technologies like cloud computing and ‘fintech’ or financial technology, Central Bank Governor Indrajit Coomaraswamy said.

This was with a view of facilitating risk management of emerging technologies and to encourage further digitalisation of banking operations, he said presenting a road map for monetary policy in 2018.

“Several policies will be introduced to define regulatory expectations on use of cloud computing and define minimum regulations on the use of relevant fintech solutions,” he said referring to technological innovation in financial services, especially new technologies that disrupt traditional financial markets.

Coomaraswamy also said a comprehensive technology risk assessment programme would be conducted to assess and improve the technology risk resilience of banks.
(COLOMBO, January 04, 2018)

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