A "major" Singapore-based asset manager has made the move towards a cloud-based platform.

A large Singapore-based asset manager has been shifted to a cloud-based portfolio analytics and asset pricing platform, coming a year after the Asia city-state’s regulator has set out the benefits of cloud computing for financial services.

London-quoted StatPro Group, which provides cloud-based portfolio analytics and asset pricing services for asset managers, has signed a two and a half year contract extension and consulting agreement, to migrate the Singaporean firm to its StatPro Revolution platform. The identity of the asset manager wasn’t disclosed in the statement yesterday. StatPro said it could not be disclosed for reasons of client confidentiality when questioned by this news service.

In August 2016, the Monetary Authority of Singapore issued an update to its outsourcing guidelines, stating the benefits of cloud computing to financial service institutions in Singapore.

“MAS…recognises that institutions may leverage on such a service to enhance their operations and service efficiency while reaping the benefits of cloud services’ scalable, standardised and secured infrastructure,” the regulator said at the time.