In an effort to bolster data security and privacy in the financial services sector, Deputy Governor of the State Bank of Pakistan (SBP), Sima Kamil has stressed the importance of investing in data storage by establishing cloud infrastructure within the country. She made these remarks at the launch of the first hyper-scaler financial in-country cloud services by Khazana Enterprise, with an investment of $10 million, supported by Huawei Technologies Limited.
Kamil highlighted that data security is a crucial aspect of financial services, and having an in-country cloud service provides more control over securing sensitive information. By reducing latency and improving efficiency through faster access, the in-country cloud service not only boosts economic growth but also proves to be cost-effective, she said.
During the event, it was revealed that the financial sector in Pakistan spends hundreds of millions of dollars on cloud services from companies outside the country. Huawei Cloud Pakistan, CEO, Shahzad Rasheed emphasised that the digital transformation of organisations, including banks, relies on technologies such as artificial intelligence, internet of things, and machine learning, which need to be hosted on a cloud platform. Huawei Cloud, one of the three hyper-scaler federated clouds available in Pakistan, offers software services and solutions with just a single click.
Securities and Exchange Commission of Pakistan (SECP), Chairman, Akif Saeed commended the partnership between Huawei and Khazana, stating that data sovereignty and security concerns are being addressed. He underscored that data is the new wealth that needs to be protected, and the digitalisation of companies in Pakistan is a priority for the SECP.
Nadeem Khan, CEO of Khazana Enterprise, said the company aims to provide a robust and secure infrastructure to store, manage, and analyse their data through its National Cloud services.
Published in The Express Tribune, July 13th, 2023.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ