Mexico City, May 28, 2024.— The Universidad Panamericana and México Exponencial hosted the panel "Cloud Computing: An Enabler of Digital Finance" last Wednesday, May 15, in the university’s Aula Magna.
During the event, experts agreed on the significant impact of cloud computing on the efficient management of transaction costs, the design of user-tailored products and services, access to rural areas, and the handling of large volumes of data without the costs associated with physical servers.
The panel featured prominent professionals such as Víctor Carreón, a professor and researcher at the Center for Economic Research and Teaching; Mary Pily Loo, director general of Operational and Technological Risk at the National Banking and Securities Commission; and Vidal Llerenas, an economist and specialist in digital finance.
Representing the Universidad Panamericana were Román Rodríguez, a professor and researcher, and Álvaro Vértiz, a professor and the panel moderator.
What is cloud computing?
Cloud computing, as an enabler of digital finance, is an essential technological tool that makes it possible to more efficiently reduce transaction costs, design products and services tailored to users’ needs, and reach rural areas where a physical branch is not feasible.
Similarly, it makes it easier to manage large volumes of data and databases, eliminating the high costs associated with physical servers.
Benefits of This Tool
During the meeting, Álvaro Vértiz kicked off the discussion with a question about how to promote technological innovation in digital finance through public policy without compromising user security and privacy.
In response to this observation, Víctor Carreón emphasized the need to overhaul the current market architecture, given that technology is advancing faster than regulation, and stated that “the regulator’s magic lies in designing the best regulatory framework to ensure the continuity of operations at the lowest cost.”
In addition, Mary Pily Loo emphasized the importance of striking a balance in regulation to manage risks without stifling innovation. “The authority must ensure the continuity of operations by establishing requirements for both financial institutions and technology providers, even though these costs often fall on end users,” she said.
Román Rodríguez also pointed out how technology has transformed the financial sector by removing barriers to entry, increasing competition, and reducing operating and financial service costs. He also highlighted the crucial role of technology in financial inclusion, which must be reinforced with financial education.
Vidal Llerenas reflected on the state of regulation regarding technological innovation and emphasized the need to strike a balance between security and innovation. He also mentioned the importance of fostering dialogue among industry stakeholders and strengthening government institutions.
Conclusions on Cloud Computing
The meeting concluded that cloud computing is an essential enabler for digital finance, offering numerous benefits in terms of efficiency and accessibility. However, it is crucial to have a regulatory framework that protects users and ensures the continuity of operations without hindering technological innovation.
Collaboration among authorities, financial institutions, and technology providers is essential to achieving this balance.
Learn more about the " Universidad Panamericana " at: https://www.up.edu.mx/sobre-la-universidad-modelo-educativo/
