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MANILA – The monetary authorities of the Philippines and Singapore agreed to strengthen the data connectivity connection to address problems involving the financial sector.
In a joint statement on Monday, Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) said they agreed to greater information sharing to further improve consumer services, tackle cybercrime and help regulators to develop policies.
He said central banks “recognize that the ability to aggregate, store, process and transmit data across borders is critical to the development of the financial sector.”
The statement said that the expanding use of data in financial services and the increasing use of technology to deliver financial services offers a range of benefits, including greater consumer choice, better risk management capabilities and increased efficiency.
However, he said these developments also pose new and complex risks for markets and challenges for lawmakers and regulators.
“BSP and MAS are committed to working together and with other countries and authorities to promote an environment in financial services that fosters the development of the global economy,” he said.
The statement said data localization requirements can increase cybersecurity and other operational risks, hamper risk management and compliance, and inhibit financial regulatory and supervisory access to data.
“Data mobility in financial services supports economic growth and the development of innovative financial services, and benefits compliance and risk management programs, among others, facilitating the detection of cross-border money laundering, patterns of terrorist financing and proliferation financing; defend against cyberattacks; and manage and assess risk globally, ”he said.
In this way, the two central banks agreed to promote the adoption and implementation of policies and rules that facilitate these objectives with respect to the operation of banks and non-bank financial institutions that are within the jurisdiction of the BSP or the MAS.
Under this agreement, central bank-regulated entities “should be able to transfer data, including personal information, across borders by electronic means, provided that this activity is for the conduct of business within the scope of their license, authorization or registration. “.
There will be no restrictions on where covered institutions can store and process your data “as long as BSP and MAS have full and timely access to the data necessary to fulfill their regulatory and supervisory mandate.”
The statement added that if any of the central banks cannot access the data of regulated firms, “the covered institutions should have the opportunity to remedy such lack of access before they are required to use or locate computing facilities locally.” (PNA)
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