QCB Issues Cloud Computing Regulations

Doha: Qatar Central Bank (QCB) issued 'Cloud Computing' regulations in a bid to regulate the use of cloud computing in the financial sector, protect financial sector data, and promote digitalization and innovation. The newly issued regulations cope with the Financial Sector Strategy, the Fintech Strategy and QCB's constant endeavor to regulate and develop the financial sector in the country and stimulate innovation in the Fintech field. The QCB affirmed the importance of complying with cloud computing regulations in the financial sector in order to enforce compliance with information security and data protection requirements through a secure and risk-based approach for cloud adoption by defining the requirements that manage risks stemming from the usage of cloud computing. These requirements address the governance of cloud usage, the cloud computing lifecycle and the operational security controls. By issuing these regulations, the QCB aims to establish an appropriate regulatory framework for the country's financial institutions and Fintech companies to develop and improve smart solutions in the financial sector. Cloud computing contributes to the development of financial services, using modern technology in accordance with the international standards and best practices. These regulations are also in line with Qatar's Third National Development Strategy, deemed to be the final stage towards achieving Qatar National Vision 2030, which aims to build a digital economy, while stimulating the widespread adoption of technology and accelerating and encouraging technological innovations in various areas, including the financial sector. The regulations can be viewed on Qatar Central Banks official website. Source: Qatar News Agency