US Treasury Under Secretary for International Affairs Brent McIntosh and Monetary Authority of Singapore Deputy Managing Director Jacqueline Loh met n Singapore for a discussion on the importance of data connectivity in financial services.
Both countries recognize managing data across borders is crucial to the development of the financial sector. The new technological developments in the financial services play an important role in financial services but at the same time pose a new and complicated risks. The United States and Singapore have shared their commitment to working together and with other countries to advance global economy.
The United States and Singapore expressed their support for transferring data across borders and their opposition to the general application of data localization in cases where regulators have access to data needed for regulatory and supervisory purposes. Data localization may pose operational risks, stand in the way of risk management and compliance, as well obstruct regulatory access to information. Data mobility, in contrast, fosters the development of innovative financial services while aiding the detection of cross-border money laundering and terrorist financing patterns and boosting the cyberattacks defenses.
The United States and Singapore have set out the following goals:
- Ensuring data transfer across boarders by financial services providers for business conduct.
- Opposing restriction of data storage provided that regulators have access.
- Ensuring the opportunity of financial service providers to grant access to the data before being required to locate computing facilities.
The United States and Singapore agree to share information on developments on the specified issues and promote the policies stemming from the joint statement to other countries.