QCB issues ‘Cloud Computing’ regulations – The Peninsula

QCB issues ‘Cloud Computing’ regulations – The Peninsula

Doha, Qatar: In line with the Financial Sector Strategy, the Fintech Strategy and Qatar Central Bank’s (QCB) constant endeavour to regulate and develop the financial sector in the country and stimulate innovation in the Fintech field, Qatar Central Bank issued “Cloud Computing” regulations. Those regulations are aimed at regulating the use of cloud computing in the financial sector, protecting financial sector data, and promoting digitalization and innovation.

Qatar Central Bank affirms the importance of complying with cloud computing regulations in the financial sector in order to enforce compliance with information security and data protection requirements through a secure and risk-based approach for cloud adoption by defining the requirements that manage risks stemming from the usage of cloud computing. These requirements address the governance of cloud usage, the cloud computing lifecycle and the operational security controls.

By issuing these regulations, Qatar Central Bank aims to establish an appropriate regulatory framework for the country’s financial institutions and Fintech companies to develop and improve smart solutions in the financial sector. Cloud computing contributes to the development of financial services, using modern technology in accordance with the international standards and best practices.

These regulations are also in line with Qatar’s Third National Development Strategy, deemed to