NxtGen Launches India’s First Sovereign Financial Services Cloud for BFSI
NxtGen, a leading sovereign cloud services provider, unveiled the country’s first Financial Services Cloud (FSC) on Wednesday. It is a purpose-built platform designed to meet the rigorous compliance, security, and data sovereignty demands of India’s Banking, Financial Services, and Insurance (BFSI) sector. The launch addresses a growing concern in the industry — the need for locally governed and regulation-aligned cloud infrastructure amidst increasing regulatory scrutiny. The FSC platform ensures 100% data residency within India and offers zero exposure to foreign jurisdictions, as an alternative to global cloud hyperscalers. “The Indian financial sector is at a digital crossroads caught between the need to modernise and the risk of regulatory and jurisdictional exposure,” AS Rajgopal, MD & CEO, NxtGen Cloud Technologies said. NxtGen FSC directly responds to the 400+ regulatory controls imposed by six key governing bodies — RBI, SEBI, IRDAI, MeitY, NPCI, and Cert-In. The sovereign cloud guarantees full regulatory compliance through pre-integrated frameworks and offers financial institutions a “right to audit”, enabling direct access to verify infrastructure-level security and compliance controls. Its sovereign architecture ensures that all data is fully hosted and managed within India, safeguarding it from foreign jurisdictional reach such as the U.S. CLOUD Act and FISA 702. The platform is equipped with enhanced security measures, including privileged access management (PAM), database activity monitoring (DAM), hardware security modules (HSM), and a software bill of materials (SBOM), supported by round-the-clock managed compliance services. Designed for resilience, it offers disaster recovery and business continuity through geo-redundant infrastructure and customised recovery solutions. NxtGen FSC also fosters FinTech collaboration, enabling secure and regulation-ready integrations with FinTech partners. Additionally, it delivers high performance, having been benchmarked to outperform global cloud providers, making it a future-ready platform for India’s financial ecosystem. The platform is already gaining traction among a wide spectrum of financial institutions — from public sector banks and digital-first insurers to new-age NBFCs. These organisations are increasingly seeking cloud solutions that prioritise not only scalability but also security and compliance in a rapidly evolving regulatory landscape. Meanwhile, the company aims to raise $300 million at a valuation of nearly $900 million.
The FSC platform ensures 100% data residency within India and offers zero exposure to foreign jurisdictions, as an alternative to global cloud hyperscalers.
The FSC platform ensures 100% data residency within India and offers zero exposure to foreign jurisdictions, as an alternative to global cloud hyperscalers.
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Shalini is a senior tech journalist, exploring the latest advancements in AI. When she's not reporting on the latest innovations, you can find her immersed in her next literary adventure.