Finance is global; vast volumes of data move around the globe at lightning speed in support of financial transactions every day. However, data residency is an increasingly important topic for financial institutions and one that is intrinsically linked to data integrity and security issues. 

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Key considerations for data residency

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Many countries require data to reside within the country by law. Due to the use of a cloud agnostic concept that can run in multiple different cloud environments, Privé is able to provide a reliable cutting-edge SaaS service seamlessly in most countries. This enables Privé to deliver the same high degree of security, resilience and performance in any country while complying to all local requirements. The need to comply with such laws and regulations is in scope of the ISO27001 certification audit and checked by independent auditors regularly. This ensures that Privé acts in accordance with all required international and local legal frameworks and compliance programs, while maintaining the same level of control over data and security that customers are to expect from a technology provider. 

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To ensure the highest degree of compliance and security Prive has put significant effort into each security layer. For example, Prive has partnered with a cutting edge provider for tokenisation, which allows customers to make use of the platform without ever sending any sensitive or otherwise confidential information to the secured systems of Privé.

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Prive adds Jakarta to list of local instances

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We embrace these principles at the heart of our expansion strategy: ensuring that our technology not only empowers financial institutions but also complies with local data regulations and promotes data security. 

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For example in Jakarta, Indonesia, where data sovereignty is paramount, we have taken proactive steps to establish a dedicated AWS instance within the jurisdiction. This strategic move underscores our efforts to safeguard the privacy and security of sensitive financial data. By hosting our platform locally, we not only adhere to regulatory requirements but also enhance the performance of our services for our valued clients in Jakarta and surrounding regions.

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Privé’s experience of managing data residency issues now covers the European Union (GDPR), as well as in Taiwan, Singapore and China, where local data instances are legally required currently.. In fact, across all the 16 jurisdictions in which Privé is providing its services, we are on hand to propose the most appropriate data solutions to ensure a robust and compliant operating environment for our financial institution clients.  

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‍Disclaimer: This press release is for information purposes only. Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Privé does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Privé and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages. Privé assumes no obligation to update any information contained herein.