Statement from Temenos CEO: Europe's Cloud and Artificial Intelligence Infrastructure Not Yet Ready for Major Banks

Takis Spiliopoulos, CEO of Switzerland-based banking software firm Temenos, stated that Europe's sovereign artificial intelligence and cloud initiatives, developed as part of efforts to gain technological autonomy, have not yet reached a sufficient level of maturity for adoption by major banks.

The European Union is working on initiatives such as the Cloud and AI Development Act in order to reduce dependency on US-based giants and strengthen technological sovereignty. These steps are being taken against the market dominance of US cloud providers like Amazon, Microsoft, and Google, as well as concerns over data access under US laws.

Temenos CEO Spiliopoulos noted that while many countries are forcing US cloud providers to establish local data centers, concerns remain regarding where data will ultimately be accessible. Reminding that major banks operate across multiple jurisdictions, Spiliopoulos pointed out that cross-border operations and regulatory requirements also constitute barriers in this process.