The central banks of Singapore and the Philippines today issued a statement of intent that they will work together on data connectivity.
The Monetary Authority of Singapore (MAS) and Bangko Sentral ng Pilipinas (BSP) said that data mobility in the financial sector supports economic growth and the development of innovative financial services. They added that it also makes cross-border money laundering, terrorist financing patterns and proliferation financing easier to detect.
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.
These three goals are: allowing institutions to transfer data across borders by electronic means; the location where these institutions can store and process their data should not be restricted; and if they are unable to access the data, institutions should have the opportunity to remedy the lack of access before being required to use or locate computing facilities locally.
Further, it should be noted that the statement of intent is not legally binding and is subject to the domestic laws and regulations of Singapore and the Philippines.