• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » Singapore and PH central banks to work together on data connectivity

Singapore and PH central banks to work together on data connectivity

Singapore and PH central banks to work together on data connectivity

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.

Read more here. 

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
SAVE UP TO
70% ON STAFF COSTS
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image