How to move money offshore by Bowman Offshore Bank Transfers

Having an offshore bank account — or two… or three — is an important step in planting flags around the world. As we often discuss, the actual opening of an account is relatively easy, and you don’t need a lot of money.

In my guide, The Best Offshore Banks, we discuss 55 banks that will open offshore accounts for anyone with as little as $500 to deposit. In some cases, you won’t even have to leave your living room, as a number of Caribbean and even European banks allow for remote account opening.

However, the bigger challenge for offshore banking newbies is how to move money offshore; precisely, how to get your onshore funds into your new offshore account.

To make things clear, this article is NOT about how to hide money offshore. While the media loves to do gotcha pieces about how easy it is to move money overseas, the reality is that playing by the rules is a lot better way to go.

In the era of FATCA, mutual legal assistance policies among governments, and offshore bank account reporting requirements, you don’t want to play hide and seek. When used legally, offshore bank accounts are an excellent asset protection tool to protect you from bankrupt governments.

If you don’t have an offshore bank account yet, you can learn more about how to get one here. However, if you do have an account but are confused about how to move money into it, here are several strategies for funding your offshore bank account.

International wire transfer

The most common and straightforward method is to simply wire the money from your onshore account (or your existing offshore account) to the new offshore account. Wire transfers work well because there is often no limit to the amount you can send, making it the most practical option for large transfers.

In some countries, sending a wire transfer is extremely simple and affordable. My Hong Kong bank charges about $11 to send money almost anywhere. The only problem is when the transfer gets rejected for some reason by the receiving party and I’m charged a large return fee. This shouldn’t be an issue, however, if you’re wiring money to yourself.

The downside to sending a wire is that it could take a while to arrive in some smaller banking jurisdictions, like Belize, that involve “correspondent banks” that are often in the US or Germany.

In countries where bankers tend to freak out about international wire transfers (see: the United States), you may need to go into a branch to initiate the wire. I know people who have had their US bank accounts restricted for daring to send an international wire transfer to themselves, so be careful. Then again, isn’t that why you wanted to move money offshore to begin with?

Transferwise

If you want to transfer money online, but don’t want to send a wire transfer, new services like Transferwise can help. (For a full review of the different services, read our article on the best ways to transfer money internationally coming out in September 2016.)

Transferwise is based on a peer-to-peer system that cuts out middleman banks and allegedly reduces the fees of moving money overseas. I haven’t found this to be the case; the cost to send $5,000 to a foreign bank account was as much as $50; even crappy US banks charge less to send larger wires.

In reality, services like Transferwise are a better replacement for expensive money senders like Western Union or Moneygram, not for replacing wire transfers. However, Transferwise is easier to use than a wire if your domestic bank dislikes your moving money offshore, since you send the money domestically and their service handles the rest.

Take cash from an ATM

It sounds too easy, but among the easiest ways to move money offshore is merely to take it out offshore to begin with. Sometimes, the simplest solutions are the best.

In The Best Offshore Banks, we discuss a number of high quality banks that require $2,000, $1,000, or even less in their foreign currency equivalent to open. The only catch with some of these banks is that — unlike accounts that allow you to wire money in later — you need to deposit the money when you open the account.

These banks don’t allow remote account opening, but you can literally use their ATM to take out the amount of the minimum deposit. If you’re domestic bank ATM card imposes a limit on daily withdrawals (usually $400 or $500 for US banks), you may need to plan one day ahead so you can max out the limit on two different days in order to get enough cash.

Bitcoin and cryptocurrencies

Bitcoin has been put forward as the possible “ultimate offshore bank account” due to its ability to store money securely in the cloud. Bitcoin guru Stephanie Murphy spoke extensively about the privacy benefits of using Bitcoin at two of my Passport to Freedom conferences.

However, Bitcoin can also be used as a mechanism to transfer funds offshore. If you own Bitcoin in your home country, you can access them in your destination country by using services like Local Bitcoins, or by using one of the growing numbers of platforms that connects directly to a bank account.

Coinapult, for instance, allows you to store Bitcoins and freeze their value to the value of a foreign currency, gold, or silver, reducing volatility until you want to move them into your foreign bank account. Coinbase and other services allow transfers to connected bank accounts, although many offshore jurisdictions are not yet supported.

Sell your gold and silver

If you own gold or silver offshore, such as in a vault here in Singapore, you can often sell those precious metals and have funds wired into your local bank account. Singapore is an excellent option for this as gold storage here is highly secure and Singapore bank accounts are also excellent.

If you already own gold and silver, there are ways to ship it overseas (again, Singapore is a good option) and later sell it for cash. Transporting gold on your person can be risky since customs forms are required in many cases. You should also make sure you follow all rules regarding sales of precious metals, capital gains taxes and other reporting requirements in your home country. Consult a tax professional for help.

If you’re wondering why “put money in a suitcase and show up in the Virgin Islands” isn’t on the list, it’s because almost everyone on earth — save those in Hong Kong and a few other countries — has to declare cash being taken out of the country.

While transporting any amount of cash is legal in most countries, most law-abiding citizens don’t carry large amounts of cash over borders. Those who do often make customs officials suspicious enough to go so far as to confiscate your cash. On top of the legal hassles, most banks don’t want huge piles of cash being deposited due to money laundering concerns; many banks now charge a cash deposit fee for the privilege.

Tokyo MK Taxi: Things to Consider Before Traveling

Planning a vacation includes selecting your destination, a place to stay and a transportation service that will get you the places in your itinerary. You need to be extra careful and pay attention to everything so you could have a memorable vacation ever. The very first thing you need to decide is the places you like to visit and the activities you want to do. Choose places that can help you relax and forget your work commitments.

The next to be considered is the accommodation. Make sure to book a comfortable place for your stay and of course, within your budget. Do some research online for hotel promos and do not forget to read trusted reviews to serve as a guide in choosing the most desirable hotel in your destination. If you already have a schedule for your trip, book your accommodation as early as possible so you could take advantage of potential cost-saving options they may offer for early bookings.

The next area of concern is the transportation service you are going to avail. There is numerous reputable chauffeur service available to cater your transportation needs. Tokyo MK Taxi has long been serving the people of Japan, Korea and the United States as a global company providing high-quality taxi and chauffeur service at a very reasonable price. They offer not just a ride in comfort and style, but an easy and stress-free way to travel and arrive at your destination. Tokyo MK Taxi features Lexus group enthusiasts and cars included in their vehicle fleet are Lexus 600hl, Lexus 460, BMW, Mercedes-Benz, Toyota Hiace and Nissan Fuga Hybrid and much more. With over 212 types of taxi and 58 different models of luxurious vehicles, we can provide the right chauffeur car service for everyone’s needs. For more details, you can visit their website.

When you hire Tokyo MK Taxi, you get the best customer service without having to wait in lines, deal with incompetent drivers or pay more than you should. You can travel with your own personal space and with a sense of security.

Galveston Capital Tourism and Marketing on Bali’s 2017 Tourist Village Awards Highlights Growing Development on Island

Gianyar. Bali’s local government awarded 29 villages with silver and bronze stars at the 2017 Tourist Village Awards at Taman Nusa cultural park in Gianyar district on Friday (26/05).

The event’s committee head, Made Mendra Astawa, said awards were given to villages who displayed concerted efforts to develop amenities and infrastructure to attract a growing number of tourists.

Seventeen villages were awarded silver stars, while 12 others received bronze stars. However, no villages were awarded with gold.

Mendra said the committee, comprised of 14 judges, conducted their assessments from April 20 to May 18 and applied regional standards to evaluate each village.

Bali Tourism Agency head A.A. Yuniartha said he hopes all tourist villages on the island, which total 104, can work to develop local amenities and attract a larger number of visitors.

“We hope that all of our villages will be transformed into tourist destinations, many visitors, especially from Europe, are fond of villages,” Yuniartha said.

The agency head noted that revamped tourist villages will ultimately boost the local economy and help eradicate poverty on the island, as villages across the archipelago see increased development funding from the government in Jakarta.

“Government funds should be used to develop tourist villages, to minimize the rising migration to major cities of our rural populations,” Yuniartha said.

“However, I am afraid that after a district head issues a decision or policy initiative, local populations will not follow through on their end of the bargain.”

The Ministry of Tourism has been working to develop and renovate tourism villages and homestays across the archipelago in a bid to attract as many as 20 million foreign visitors to the country by 2019.

An additional 20,000 new homestays are slated for development by the end of this year.

Tourism Minister Arief Yahya praised the 29 awardees for their recent transformations.

“These villages should be proud, they are an example for other tourism villages all across the archipelago,” Arief said.

“Once tourism villages develop, they will be promoted on digital marketplaces to draw visitors intrigued by local culture and countryside living.”

Online Fraud Detection on 5 ecommerce fraud predictions for 2017

5 ecommerce fraud predictions for 2017

Ecommerce fraud is on the rise as more consumers turn to online shopping. Luckily, by being vigilant, merchants can fight fraud and win.

As the number of consumers turning to online shopping increases, the rise of online fraud is also rising.

Those committing internet crimes are depriving their victims of either funds, interests, personal property and/or sensitive data. As the threat escalates, consumers and companies alike are seeking various methods to tackle the phenomenon.

Ecommerce fraud has a long and controversial history. Thus, providing a forecast for the months ahead can help retailers adopt an adequate solution to confront the many challenges in 2017.

1. Identity theft and friendly fraud

The main threat will remain identity theft. Fraudsters will seek your personal information. Their main goal is to use a different identity and, for example, place an online order. Identity theft also includes a concept known as man-in-the-middle attacks where credit-card data is intercepted and copied as it is transferred online.

In the practice of friendly fraud, a customer pays for ordered goods and/or services through a direct debit or a credit card. The second step involves a deliberate chargeback from the issuing bank, taking place only after receiving the purchased goods or service. The involved fraudster then goes on to claim the credit card or details of customer’s account has been stolen. While the “customer” is reimbursed, they decide to keep hold of the goods.

2. Merchant and triangulation fraud

In merchant fraud, the goods are provided at extremely low prices yet no shipment takes place. There is also a wholesale version of this fraud. No specific method enjoys any exclusivity, yet it is common knowledge that no-chargeback payment methods come to life in this practice of fraud. This also involves a majority of the push payment types.

Considered as one of the more complex ecommerce attack methods, triangulation fraud involves quite a bit of collaboration, as three points are involved. Role #1 belongs to an ordinary customer placing an order through a type of credit, debit or PayPal tender. Role #2 involves a fraudulent seller receiving the placed order, then requesting the actual product from a legitimate ecommerce website while using a stolen credit card. Role #3 is the part played by a legitimate ecommerce website completing the order requested, completely unaware of the criminal nature.

3. Affiliate and clean fraud

Two types of affiliate fraud are popular these days, while both seek one objective. By manipulating sign-up data or traffic, fraudsters are pursuing the objective of collecting more money. Options include actual people using fake accounts who log into sites of merchants or simply employing an automated process.

Clean fraud also involves the use of a stolen credit to make an order. In such a method, criminals resort to complicated practices, such as using sound analyses equipped in fraud detection systems, and obtaining in-depth data on the owners of stolen credit cards. This information is needed to deceive the payment process and bypass the fraud detection solution.

4. The counterattack

Online piracy and the sale of counterfeit goods will face new challenges, as the U.S. Department of Justice has declared a new initiative teaming up state and local law enforcement agencies in this struggle. Washington has already pumped $3.2 million into this campaign.

New state-of-the-art advances are also making life more difficult for fraudsters, especially with the introduction of EMV chip card technology. This is a significant leap forward in enhancing credit card security, providing a strong incentive for small and large companies to jump on the bandwagon.

5. Fighting fraud

Fraud prevention and chargeback guarantee for ecommerce merchants, Riskified works on establishing genuine financial security between online customers and ecommerce merchants. This company delivers ecommerce fraud prevention solutions for merchants to certify previously avoided transactions.

At a time when the relationship between a buyer and a seller is in search of trust more than ever before, customer experience and the bottom line is protected through the services provided by this firm in pioneering the charge-back guarantee.

“We founded Riskified with the retailer in mind and have grown adept at servicing the needs global retailers have as they expand their e-commerce and m-commerce operations to provide more personalization to consumers,” says co-founder and CEO Eido Gal, signaling the high demand and importance of such services in today’s digitized world.

As calls for digital goods increase, we are witnessing a rise in the necessity of protection against fraud.

“Digital goods, such as electronic gift cards and e-tickets, are becoming increasingly popular. In the U.S., over $127 billion is spent on gift cards annually,” Shalhevet Zohar explained in a blog post about ecommerce fraud trends.

Such statistics, growing as we speak, demonstrate the huge market fraudsters seek to tap into—and the utmost necessity for consumers to be adequately prepared.

Final thoughts

The fraud landscape is a constantly changing and evolving phenomenon, demanding an adaptive approach to remain at top of your game. Retailers in the U.S. have suffered $109 billion more due to suspected fraud costs resulting from false declines of legitimate orders. This is far beyond actual fraud losses. The ecommerce industry is increasing its demand for fraud prevention platforms, and there is a new revenue opportunity for those companies able to provide such high-valued expertise.

Online Security Review Steps to Protect Yourself from Tax Identity Fraud

By William F. Whelan, guest columnist and Senior VP, Branch/Government Banking, Capital Bank.

As the 2017 tax season gets underway, Capital Bank of New Jersey is urging all customers to take extra precaution when filing their return to prevent their exposure to tax fraud.

“Fraudsters are using very clever tactics to get a hold of your personal information and submit false tax claims,” said David J. Hanrahan, Sr., President and CEO. “Consumers must be suspicious of any communication from the IRS—through e-mail, text or social media—that requests personal information, and should keep a watchful eye out for missing W-2s and mail containing sensitive financial information.”

Tax identity fraud takes place when a criminal files a false tax return using a stolen Social Security number in order to fraudulently claim the refund. Identity thieves generally file false claims early in the year and victims are unaware until they file a return and learn one has already been filed in their name.

To help consumers prevent tax ID fraud, Capital Bank of New Jersey is offering the following tips:

  1. File early. File your tax return as soon as you’re able, giving criminals less time to use your information to file a false return.
  1. File on a protected Wi-Fi network. If you’re using an online service to file your return, be sure you’re connected to a password-protected personal network. Avoid using public networks like a Wi-Fi hotspot at a coffee shop.
  1. Use a secure mailbox. If you’re filing by mail, drop your tax return at the post office or an official postal box instead of your mailbox at home. Some criminals look for completed tax return forms in home mailboxes during tax season.
  1. Find a tax preparer you trust. If you’re planning to hire someone to do your taxes, get recommendations and research a tax preparer thoroughly before handing over all of your financial information.
  1. Shred what you don’t need. Once you’ve completed your tax return, shred the sensitive documents that you no longer need and safely file away the ones you do.
  1. Beware of phishing scams by e-mail, text or phone. Scammers may try to solicit sensitive information by impersonating the IRS. Know that the IRS will not contact you by e-mail, text or social media. If the IRS needs information, they will contact you by mail first.
  1. Keep an eye out for missing mail. Fraudsters look for W-2s, tax refunds or other mail containing your financial information. If you don’t receive your W-2s, and your employer indicates they’ve been mailed, or it looks like it has been previously opened upon delivery, contact the IRS immediately.

If you believe you’re a victim of tax identity theft or if the IRS denies your tax return because one has previously been filed under your name, alert the IRS Identity Protection Specialized Unit at 1-800-908-4490. In addition, you should:

  • Respond immediately to any IRS notice and complete IRS Form 14039, Identity Theft Affidavit.
  • Contact your bank immediately, and close any accounts opened without your permission or tampered with.
  • Contact the three major credit bureaus to place a fraud alert on your credit records:
  • Continue to pay your taxes and file your tax return, even if you must do so by paper.
  • More information about tax identity theft is available from the FTC at ftc.gov/taxi theft and the IRS at irs.gov/identity theft.

Capital Bank opened for business in Vineland in 2007.  Currently, it has four locations—two in Vineland, one in Woodbury Heights, and one in Hammonton. Capital Bank lends money to businesses and individuals throughout South Jersey, is an Approved SBA Lender and a New Jersey EDA Premier Lender. It is also 5-Star rated by BauerFinancial (BauerFinancial.com). For more information about Capital Bank, visit capitalbanknj.com.

Security and Risk Complaints Online on Building a ‘human firewall’

A recent research study Mimecast conducted with Vanson Bourne revealed that 66% of the surveyed South African businesses said that they thought it likely that their organization would suffer from cyber-criminal activity in 2017.

So said Mimecast MD Brandon Bekker, adding that there are three major threats his organization believes SA businesses are facing in terms of IT security.

Ransomware

“Ransomware will explode to become one of the biggest threats, fuelled by smaller ‘opportunist’ attackers using off-the-shelf kits to deploy malware. This is an easy and cheap attack method that produces fruitful results. Few organisations have effective defenses against this type of malware and now with bitcoins enabling the perpetrators to increase distance from their victims further, it has never been so easy to get away with it,” he adds.

When asked how to prevent or mitigate attacks of this nature, he says cyber criminals are becoming increasingly more sophisticated and insidious, and are continually revising, updating and re-inventing their tactics and technologies to carry out an attack.

Because of this, preventive systems, such as anti-virus and intrusion prevention systems, are rendered inadequate. “Planning exclusively to help prevent cyber-attacks, like ransomware, isn’t enough. It’s time for businesses to implement a total cyber resilience strategy that includes security, continuity and data recovery.”

In his view, the ideal approach is to layer together state-of-the-art preventive systems, point-in-time recovery measures, and a means to maintain business continuity during a ransomware attack. He adds that education, or ‘building a human firewall’ plays a vital role, because the more staff can be aware of attacks such as ransomware, the more educated eyes can be on the problem.

The insider threat

According to Bekker, insider threats are also high on the list, and according to a Forrester Technology Adoption Profile study, these threats impact 99% of organisations surveyed.

In addition, these businesses said they had experienced some form of insider security incident in the past 24 months and 36% discovered insiders e-mailing sensitive data out of the organisation.

“With the POPI Act in the spotlight, organisations need to ensure that sensitive corporate data is not being accidentally or purposefully leaked externally; no business wants to be made an example of by the Information Regulator,” cautions Bekker.

The third threat was revealed to be e-mail impersonation, or whaling, which continues to plague businesses in South Africa. The Mimecast study showed that 51% of those surveyed reported seeing an increase in impersonation fraud where recipients are asked to make wire transactions.

Bekker says impersonation technology, in conjunction with regular employee education, will help business protect themselves from these attacks.

What we’re doing wrong

Speaking of what SA companies are doing wrong in light of these three threats, Bekker says although many SA businesses are developing stronger cyber resilience strategies, and cyber activity is being discussed seriously and regularly in boardrooms across the country, IT budgets still limit organisations that need the advanced, layered protection required to protect them from the evolving threat landscape.

“In their move to the cloud, many organisations believe that sufficient security is being built into their messaging platform. We are finding that the increased pace of development in the cybercrime underworld needs to be matched by a focused security solution that integrates with the messaging platform but focuses on the protection of corporate data.”

In terms of what businesses could be doing better, Bekker says there is a vast amount of information out there and many perspectives about what the future holds. “IT managers need to continue exploring all the options, researching the options and meeting with different providers to better understand how they can build a strong cyber resilience strategy and how to layer the right set of solutions into that strategy.

Security and Risk Complaints Online on Protection from Becoming a Victim of Fraud

Remember, your financial information is at risk all the time. Fraudsters will always come up of new intricate ways to trick you from giving credit card details. Here are some advices to protect yourself from scammers.

Shred any receipts or papers with a credit card details on it.

Fraudsters can be dumpster divers, which mean, they can use tossed rubbishes to obtain financial information from you. For this reason, it is best to shred receipts and bank statements before dumping them in the trash.

Keep your PIN private

Do not use the same PIN code on all your cards and avoid using personal information such as your birthdate in your PIN code. If you are going to withdraw, cover up your PIN number when typing and be wary of your surroundings. It is also not advisable to write your PIN number on a piece of paper.

Phone passwords

Passwords must be protected on a high level. If you use the same password on all your accounts, it is time to change it. Change the password on all your accounts and cards as it makes it easy for a fraudster to access all your accounts if all of them have the same passcodes.

Moreover, do not save your passwords on your computer and as much as possible, set a security pin on your mobile phone and computers to avoid unauthorized people from accessing sensitive information inside your device.

Phone calls from your bank

Do not let your guard down especially when you are in a public place or in an internet shop doing online banking. And if you are talking to your bank, do it in a secure and private place where no one can hear any banking details about your transaction.

One of the scam tricks fraudsters do is by trying to lure you using phone calls. They may pretend that they are from the bank and asking you to provide banking details. If this happens, don’t be afraid to ask questions and verify their identity first before providing any important information.

Viruses

To protect your computer from malicious software and spyware, install anti-virus software and make sure to keep it running and updated especially when you are online.

Emails

Beware of suspicious emails. Fraudsters use electronic mailing to trick their victims into giving financial details. They usually pretend to be from your bank and will request that you confirm your banking details. If an incident like this happens, don’t provide information and don’t click any suspicious links in the email as it may contain malware that can steal data from your computer. Remember that a bank will never send an email to threaten you or will request any financial details of you.

Online transactions

Do not trust websites easily especially if you are making online transactions. Do not give away personal and financial details unless that site is reputable.

Tyre&Auto Southbourne Group Review: Helping you find the ideal tyres for your car

Since its beginning, Tyre&Auto Southbourne Group has been committed to helping its customers take care of their car. And if you’re currently having a hard time looking for the right tyre for your vehicle, Tyre&Auto is the ideal place to seek out the best solution for your remedy without getting scammed. Their team is equipped with sufficient know-how in handling your car concerns.

The market nowadays has boomed and it has a lot of different types of tyres available for any kind of vehicles. But finding the right one for your car might be an arduous task for you, but worries aside because Tyre&Auto can lead you to the right tyre.

Tyre&Auto Southbourne Group takes into consideration your every car concern. You can really rely on their car services such as brake checks, MOTs, free seasonal checks, and of course, finding the perfect tyre for your car. This family-run company can be a place you can always go to in case of car problems.

Renewing the tyres of your vehicle might need careful thought and Tyre&Auto Southbourne Group can assist you in choosing the right one for your car. Size, climate, and your way of driving are some of the important aspects to consider when deciding which tyre to use.

The sidewall of the tyre indicates imperative information about the tyre such as its size, section width, aspect ratio or profile, radius, load capacity and speed rating. Factors that could affect the life of your tyre may include: driving in inner city conditions as opposed to motorways or the mileage per annum is either high or low. Considering those aspects, Tyre&Auto Southbourne Group can provide more help.

Contact the local depot of Tyre&Auto for more necessary assistance in finding the right tyre for your car. Their team is always prepared to address and answer any of your concerns regarding your car.

Tyre&Auto Southbourne Group Review: A reliable team providing a good car service

Committed to providing an excellent car service to any individuals is what Tyre&Auto Southbourne Group is known for in Southbourne. The company has been delivering a reliable and honest service to their customers for several years now and their team is constantly receiving good reviews for their smart and practical service.

Tyre&Auto Southbourne Group could indeed provide utmost care to your car with their meticulous work. Each manager is equipped with extensive experience in this particular field. George Mandair, as well as other managers, usually gets good feedbacks from the customers. It’s nothing surprising for a trustworthy service. People with car related concerns can count on the capabilities of the company in giving solutions to their problems.

Tyre&Auto Southbourne Group has been involved in the trades in South Coast of Hampshire, building their firm reputation throughout the years. It is also a family run company that can truly handle any of your car problems with proper care.

Included in their services are brake checks, car servicing, searching for good tyres, MOTs, as well as free seasonal checks. You can also obtain a quick tyre quote and reserve your tyres for fitting through their online service.

The company always target to provide convenience to their customers and as a result, they also offer a local collect and a return service to them. We suggest to ask them about the service when you booked since their team can answer and address any of your other car concerns.

All of their depots can also check your car’s windscreen wipers and can conduct a full engine overhaul. Many customers have been satisfied with their ability in handling car works. What’s more is the company’s good selection of free service checks.

You may contact the local depot of Tyre&Auto Southbourne Group for further information about their car services.

Security and Risk Online on Amazon Opens Data Centers to Boost U.K. Cloud Services

(Bloomberg) — Amazon Web Services, the cloud-hosting arm of Amazon.com Inc., opened new data centers in the U.K. as it seeks to stay abreast of competitors in offering cloud computing services to government and health-care customers.

The new data centers, announced in a statement on Wednesday, follow decisions by IBM and Microsoft Corp. in the past two months to expand their cloud computing infrastructure in the U.K.

The U.K. data region, which comprises two zones, each consisting of multiple data centers, is the 16th Amazon Web Services operates worldwide and it’s third in Europe. A fourth in France has already been announced and will open next year.

Governments are increasingly moving computing functions into the cloud. But they are often required for regulatory and security purposes to hold data within their national borders. The same applies for sensitive health-care information. Meeting these demands is one reason cloud providers are rushing to open more data centers around the globe.

“This is a great enabler for data that has to remain in the U.K., like health-care,” Chris Hayman, who manages Amazon Web Services’ British government accounts, said in an interview.

Liam Maxwell, the U.K.’s national technology adviser, said in a statement that the government had saved 3.5 billion pounds ($4.4 billion) so far by choosing to host data in the cloud rather than on its own servers.

Financial-service firms are also often concerned with minimizing the time it takes to connect to trading venues, another reason to expand in the U.K., said Teresa Carlson, vice president for worldwide public sector operations for Amazon Web Services. “The U.K. is a really important part of the world, being a center of the financial industry,” she said.

The decision to build new data centers in the U.K. predates the country’s June vote to leave the European Union, Carlson said. But giving customers the ability to store data in the U.K. has taken on increased importance since the Brexit vote as clients worry about whether British data privacy rules will diverge from European standards. “Now, whether the U.K. is in Europe or not, they have their own region,” she said.

Amazon Web Services declined to specify exactly how many facilities it operates in the country, how many people will be employed or how much money it will invest.

Karen Bradley, U.K. Secretary of State for Culture, Media and Sport, said in a statement that Amazon’s action “is a strong endorsement of our approach to the digital economy” and “shows a clear confidence in the U.K. being open for business and one of the best places in the world for technology companies to invest in and grow.”