Monetary Authority of Singapore (MAS)

The Monetary Authority of Singapore (MAS), which serves as the sole bank regulator and central bank in Singapore, has issued its Guidelines on Outsourcing Risk Management. These guidelines outline the expectations set by MAS for financial institutions in Singapore, such as banks, insurance companies, and trust companies, when it comes to outsourcing cloud services.

The MAS Guidelines have significantly simplified the process of adopting new technologies, providing clarity regarding the regulator's expectations and addressing common misconceptions that previously hindered the financial industry's adoption of cloud solutions.

Moreover, the guidelines explicitly support the utilization of cloud services, including public clouds, by financial institutions and highlight the potential benefits they can derive from such adoption. The requirement for financial institutions to notify MAS before engaging in significant material outsourcing commitments has been eliminated. Instead, MAS-regulated institutions are expected to assess material outsourcing arrangements based on risk and perform a self-assessment against the guidelines.

While the MAS Guidelines are not legally binding, MAS expects financial institutions to adhere to the recommended practices, especially for outsourcing arrangements that MAS considers "material," which involves a qualitative judgment considering factors such as the impact and significance of the outsourced business activity.

In support of all of our Asia Pacific customers operating within the financial services space, Atlassian is dedicated to helping them navigate these regulatory requirements at the national level with MAS.

Our MAS Outsourcing Guidance offers specific mappings to each requirement and how Atlassian Cloud Enterprise assists you in meeting your obligations, including information on audit rights, the right to issue instructions, data security, termination, and chain outsourcing. To learn more about our commitment to safeguard customer data, visit our Security Practices page.

For more information, contact us.