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Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) have committed to working together to promote data connectivity.
In a joint statement issued Monday, the BSP and MAS said that banks and non-bank financial institutions under their jurisdiction will be able to transfer data, including personal information across borders by electronic means, as long as this activity is for the realization business within the scope of your license, authorization or registration.
The joint statement allows these covered institutions to store the data anywhere as long as BSP and MAS have full and timely access to the data necessary to fulfill their regulatory and supervisory mandate.
If BSP or MAS are unable to access the data, the covered institutions could remedy the lack of access before they are required to use or locate computing facilities locally.
The joint statement said that other authorities are also encouraged to adopt policies and rules that facilitate data connectivity.
“The mobility of data 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 on a global level, ”said BSP and MAS.
The BSP and MAS noted that the ability to aggregate, store, process and transmit data across borders is an important aspect in the development of the financial sector.
“The increasing use of data in financial services and the increasing use of technology to deliver financial services offer a variety of benefits, including greater consumer choice, better risk management capabilities and greater efficiency. . These developments also pose new and complex risks for markets and challenges for legislators and regulators, ”said the BSP and MAS.
“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,” they added.
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