The Regulatory Environment in Japan
With the continuous development of fintech and emerging technologies in recent years, it has driven the business transformation of the financial industry, extended more user scenarios, and spurred the transformation of the Japanese financial industry. It can be found that in recent years, the Japanese financial industry has continued to promote fintech services such as virtual banking, cryptocurrencies, and blockchain. With the growth of demand, regulators have begun to formulate corresponding regulations and guidelines to promote diversified business in fintech to protect users' rights and ensure security and compliance. Meanwhile, the Japanese public sector is also accelerating adopting the scalability, stability, agility, and other advantages of cloud services, formulating Cloud Adoption Policy and upheld a Cloud-by-Default Principle as a basic policy. Therefore, it is foreseeable that the proportion of the financial industry that adopts emerging technologies will continue to increase in the future so that the financial industry and users can enjoy better business continuity, resource scalability, and strong security capabilities on the cloud.
The Japan Center for Financial Industry Information Systems (FISC) has worked with the regulatory agency Financial Service Agency and related member institutions to develop a series of security guidelines to guide and assist the financial industry to ensure the overall security of information systems. As the world's leading public cloud service provider, Alibaba Cloud is committed to complying with such regulations and requirements. Alibaba Cloud also provides a series of information to help our customers understand the risks that the financial industry may encounter when migrating to the cloud and their corresponding solutions.
The Center for Financial Industry Information Systems (FISC)
The Center for Financial Industry Information Systems (FISC) is a public interest incorporated foundation in Japan, and conducts research on diverse topics, such as technology, utilization, control and threat/defense related to financial information systems.
- FISC Security Guidelines on Computer Systems for Banking and Related Financial Institutions
In collaboration with its member institutions, the Financial Services Agency and the Bank of Japan, FISC has established corresponding guidelines. In order to promote security measures for financial institutions, FISC established "FISC Security Guidelines on Computer Systems for Banking and Related Financial Institutions" in 1985. These guidelines were revised in 1991, 1998, 2000, 2001, 2003, 2006, 2011, 2018 and 2019 to reflect the changing environment.
Alibaba Cloud provides the below resources to its customers on how Alibaba Cloud helps with the facilitation of compliance with the requirements in FISC guidelines.