The central banks of Singapore and the Philippines issued a statement of intent yesterday that they will work together on data connectivity.
Unlike data localisation – the practice of keeping data within a country’s borders – data mobility in the financial sector supports economic growth and the development of innovative financial services, said the Monetary Authority of Singapore (MAS) and Bangko Sentral ng Pilipinas (BSP).
They added that it also makes cross-border money laundering, terrorist financing patterns and proliferation financing easier to detect, and that it helps with the following: defence against cyber attacks and the management and assessment of risk on a global basis.
In the statement, MAS and BSP said they intend to promote the adoption and implementation of policies and rules that facilitate three goals with respect to the operation of banks and non-bank financial institutions that fall under their jurisdiction.
To begin with, the institutions should be allowed to transfer data, including personal information, across borders by electronic means, provided this activity is for the conduct of business within the scope of their licence, authorisation or registration.
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17 November 2020