Google helps financial institutions in Singapore in compliance requirements

Google has announced three resources to help financial institutions in Singapore navigate their compliance requirements. 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). 

To support customers’ ABS reporting and compliance requirements, Google has 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 Google’s security and privacy controls is important, they also believe they have a responsibility to help customers understand their compliance requirements and how Google products, technical capabilities and legal commitments map to them. That’s why Google published the Cloud best practices for Singapore financial institutions whitepaper.

With the whitepaper, Google aims 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.