Iceland is neither a major financial centre nor an emerging market. However, as many of our clients embark on aggressive programmes of transformation (both in terms of their technology and their real estate), there is a growing community of financial services firms hosting in Iceland and we feel strongly that the country should feature more frequently as a potential hosting location for applications and infrastructure that are latency tolerant or latency agnostic.
Stay current on your favourite topics
Interest in Iceland as a data centre location is not new. Many large banks considered building facilities there during the boom years, when the financial and social responsibility aspects of the decision process were less pressing. Since 2008, the priorities of financial services market have changed, and Iceland’s fit to the new market dynamics has greatly improved its appeal. Citihub Consulting’s research indicates a renewed interest in Iceland and this study demonstrates that the country is well positioned to become a major hosting centre for European and North American financial services firms.
This paper explores Iceland as a hosting location of choice for financial services firms and with a specific focus on the cost and risk. However, the readers’ attention is drawn to many of the peripheral benefits of hosting in Iceland, for example: best in class data privacy, close-to zero greenhouse gas emissions, energy security and permanent establishment rules.