KPMG's Adib Kilzie: Hyperscalers to Drive Open Banking in Saudi Arabia with Cloud Computing
KPMG's Adib Kilzie says that cloud computing will be a key enabler in advancing open banking in Saudi Arabia, but banks in the Kingdom still face challenges with the availability of domestic cloud supply that complies with data sovereignty regulations and the quality of that supply.
Local cloud providers have not met the expected demand for reliable, scalable and economical supply.
However, the arrival of hyperscalers such as Microsoft, Google, IBM, Bios Middle East, and Oracle's expansion in the country is likely to be a game changer, as these large service providers offer computing and storage services at a massive scale, coupled with expertise, innovation, and a wide range of industry-focused solutions.
The increased ability to connect services between large and small players will present an opportunity for collaboration and process streamlining, leading to greater efficiencies.
While the prospect of more regulation may be daunting for some, it could help to reduce the regulatory burden on banks and financial institutions.
The business case for migrating to cloud computing is so compelling that many banks are planning or have already embarked on their migration plans.