Proposes Notices on Management of Services Outsourced by ...

MAS is consulting on notices for management of "outsourced relevant services," which include certain cloud services, by banks and merchant ... 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Servicesthatarecoveredasoutsourcedrelevantservicesincludepubliccloudservicessuchassoftware-as-a-service,platform-as-a-service,andinfrastructure-as-a-service.Otherservicesinthiscategoryareinformationtechnologyhelpdesksservices,datacenteroperationsordatacenterfacilitymanagementservices,expressletterandparceldeliveryservices,andcardembossingservices.MASalsoproposedthatrelevantservicesthatare notfortheconductofbankingbusinessandwheretheserviceproviderdoesnothave accesstoabankormerchantbank'sconfidentialorcustomerinformationbeconsideredas exemptedoutsourcedrelevantservices,andnotbesubjecttotheproposedNoticesgiven thenatureofsuchservices.Tohelptheindustrydeterminewhichrelevantservicesareoutsourced relevantservices,MASisproposingtosetout: Anon-exhaustivelistofrelevantservicesthatarecommonlyperformed bybanksormerchantbanks(AnnexAoftheproposednotices) Anexhaustivelistofrelevantservicesthatarenotcommonlyperformed bybanksormerchantbanksandthus,areexcludedfromthedefinitionofoutsourced relevantservice(AnnexBoftheproposednotices) Anexhaustivelistofrelevantservices,thatarenotcommonlyperformed bybanksormerchantbanks,butareconsideredbyMASasoutsourcedrelevant servicesandthus,aresubjecttorelevantrequirementsintheproposed notices (AnnexCoftheproposednotices)   CommentDueDate:January29,2021 Keywords: AsiaPacific,Singapore,Banking,MerchantBanks,Outsourcing,CloudComputing,SAAS,MAS PreviousArticle FIN-FSAMakesSeveralRegulatoryAnnouncements NextArticle SRBIssuesGuidanceonPermissionRegimeforMREL-EligibleLiabilities News FDICPublishesDraftPrinciplesonClimate-RelatedFinancialRisks TheFederalDepositInsuranceCorporation(FDIC)isconsultingonthestatementonprinciplesforthemanagementofclimateriskbylargefinancialinstitutions,withcommentperiodendingonJune3,2022. 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