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Building Resilience: Cloud Adoption in Southeast Asia's Financial Sector

Beginning in late 2020, with the support of Google Cloud, the Milken Institute embarked on a two-part Financial Innovations Labs® series. Building Resilience: Cloud Adoption in Southeast Asia’s Financial Sector summarizes the research and key findings of part one, which took place in June 2021 and explored the role of technology in improving the resilience and function of Southeast Asia’s financial systems. Its purpose was to examine the region’s challenges and identify potential avenues for a more timely and robust transition to cloud technology. The Lab brought together regional and international banking executives, technology experts, financial regulators, and multilateral organizations to develop recommendations. This summary distills the discussion and additional research, laying out potential paths forward in three critical areas of concern: regulatory compliance, data localization, and concentration risk.