Singapore and Philippines Central Banks To Boost Data Connectivity
(19 November 2020 – Asia) Monetary Authority of Singapore (MAS) and Bangko Sentral ng Pilipinas (BSP) issued a statement of intent that they will work together to boost data connectivity.
The two regulators said that banks and non-bank financial institutions under their jurisdiction will be allowed to transfer data, including personal information across borders by electronic means provided this activity is for the conduct of the business within the scope of their license, authorisation or registration.
They also agreed not to restrict the location where these institutions store and process their data if MAS and BSP have full and timely access to the data necessary to fulfil their regulatory and supervisory mandate.
Lastly, if BSP or MAS is unable to access the data, institutions should have the opportunity to remediate such lack of access before being required to use or locate computing facilities locally.
“Data mobility in financial services supports economic growth and the development of innovative financial services, and benefits risk management and compliance programs, by, amongst others, making it easier to detect cross-border money laundering, terrorist financing patterns, and proliferation financing; defend against cyberattacks; and manage and assess risk on a global basis,” they said.