dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Technology

United States-Singapore Joint Statement On Financial Services Data Connectivity

  • February 7, 2020
Total
0
Shares
0
0
0

The United States and Singapore recognize that the ability to aggregate, store, process, and transmit data across borders is critical to financial sector development.  The expanding use of data in financial services and the increasing use of technology to supply financial services offer a range of benefits, including greater consumer choice, enhanced risk management capabilities, and increased efficiency.  These developments also pose new and complex risks for markets and challenges for policymakers and regulators.  The United States and Singapore are committed to working together and with other countries to promote an environment in financial services that fosters the development of the global economy.

Consistent with these shared objectives, the United States and Singapore support allowing financial service suppliers to transfer data across borders and oppose generally applicable data localization requirements as long as financial regulators have access to data needed for regulatory and supervisory purposes.  Data localization requirements can increase cybersecurity and other operational risks, hinder risk management and compliance, and inhibit financial regulatory and supervisory access to information.  Data mobility in financial services supports economic growth and the development of innovative financial services and benefits risk management and compliance programs, including by making it easier to detect cross-border money laundering and terrorist financing patterns, defend against cyberattacks, and manage and assess risk on a global basis.

Based on this shared understanding, the United States and Singapore intend to seek to promote adoption and implementation of policies and rules in our bilateral and multilateral economic relationships to facilitate the following goals:

  • Ensuring that financial service suppliers can transfer data, including personal information, across borders by electronic means if this activity is for the conduct of the business of a financial service supplier.
  • Opposing measures that restrict where data can be stored and processed for financial service suppliers as long as financial regulators have full and timely access to data needed to fulfill their regulatory and supervisory mandate.
  • Ensuring that financial service suppliers have the opportunity to remediate the lack of access to such data before being required to use or locate computing facilities locally.

The United States and Singapore also intend to share information on developments related to these issues and, as appropriate, encourage third countries to adopt policies consistent with this joint statement.

The United States and Singapore issue this joint statement without prejudice to governments’ rights and obligations under the World Trade Organization (WTO), and to the exceptions contained in the WTO General Agreement on Trade in Services (GATS), such as the exceptions relating to protection of personal data privacy and confidentiality of individual records and accounts, and in related texts, such as the Annex on Financial Services and the prudential exception therein.  In addition, relevant portions of this joint statement would not apply to the use and location of certain categories of financial service computing facilities.  For greater certainty, this joint statement does not create binding obligations under domestic or international law.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • Data Connectivity
  • Financial Services
  • Singapore
  • United States
dotlah.com

Previous Article
  • Society

Sunseap Group Chairman Mr Robert Yap Min Choy Named First-ever Dean’s Fellow At SMU School Of Information Systems

  • February 7, 2020
View Post
Next Article
  • Science
  • Society

A Plasma Reactor Zaps Airborne Viruses – And Could Help Slow The Spread Of Infectious Diseases

  • February 7, 2020
View Post
You May Also Like
View Post
  • Cities
  • Technology

Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore

  • dotlah.com
  • June 20, 2025
View Post
  • Technology

Apple services deliver powerful features and intelligent updates to users this autumn

  • Dean Marc
  • June 12, 2025
View Post
  • Artificial Intelligence
  • Machine Learning
  • Technology

Apple supercharges its tools and technologies for developers to foster creativity, innovation, and design

  • Dean Marc
  • June 11, 2025
View Post
  • Technology
  • Working Life

It’s time to stop debating whether AI is genuinely intelligent and focus on making it work for society

  • dotlah.com
  • June 8, 2025
oracle-ibm
View Post
  • Artificial Intelligence
  • Technology

IBM and Oracle Expand Partnership to Advance Agentic AI and Hybrid Cloud

  • Dean Marc
  • May 6, 2025
View Post
  • Software
  • Technology

Canonical Releases Ubuntu 25.04 Plucky Puffin

  • Dean Marc
  • April 17, 2025
View Post
  • Artificial Intelligence
  • Technology

Tokyo Electron and IBM Renew Collaboration for Advanced Semiconductor Technology

  • Dean Marc
  • April 2, 2025
View Post
  • Artificial Intelligence
  • Technology

IBM contributes key open-source projects to Linux Foundation to advance AI community participation

  • dotlah.com
  • March 22, 2025


Trending
  • 1
    • Lah!
    • Society
    Singapore’s Candidate Nominated By WIPO Coordination Committee (CoCo) For Position Of WIPO Director General
    • March 6, 2020
  • 2
    • Technology
    Singtel And Nokia To Trial 5G Network Slicing Capabilities
    • March 3, 2020
  • 3
    • Animals
    • Environment
    • People
    • World Events
    A Clue To Stopping Coronavirus: Knowing How Viruses Adapt From Animals To Humans
    • February 5, 2020
  • 4
    • Lah!
    Male Wolbachia-Aedes Mosquito Releases To Cover Entire Yishun And Tampines HDB Towns
    • July 21, 2020
  • 5
    • Lah!
    • Technology
    Singapore And World Economic Forum Driving AI Adoption And Innovation
    • January 22, 2020
  • goswifties_french-culture_20240511_wm 6
    • Featured
    Celebrating The Essence Of France That Shaped Its Culture.
    • May 15, 2024
  • 7
    • People
    • World Events
    Beyond The Curve: A Visual Journey Into Our Post-Pandemic Future
    • July 16, 2020
  • 8
    • Cities
    Aeroflot To Launch Inaugural Moscow-Singapore Service
    • February 10, 2020
  • 9
    • Science
    NUS Researchers Uncover How Fish Get Their Shape
    • December 23, 2019
  • sleepy-person-photo-1618517047922-d18a5a36c109 10
    • Features
    • People
    Mental Health: Why Sleep Is Important
    • September 30, 2021
  • 11
    • Cities
    • Climate Change
    US Housing Recovery Offers Sustainable Recovery
    • October 19, 2023
  • iceland-landon-arnold-MgWEUyCU0rs-unsplash 12
    • Cities
    • World Events
    How To Build More Resilient Countries After The COVID-19 Pandemic
    • February 16, 2021
Trending
  • Camping 1
    The Summer Adventures : Camping Essentials
    • June 28, 2025
  • 2
    Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore
    • June 20, 2025
  • 3
    A Father’s Day Gift for Every Pop and Papa
    • June 14, 2025
  • 4
    Apple services deliver powerful features and intelligent updates to users this autumn
    • June 12, 2025
  • 5
    Apple supercharges its tools and technologies for developers to foster creativity, innovation, and design
    • June 11, 2025
  • 6
    It’s time to stop debating whether AI is genuinely intelligent and focus on making it work for society
    • June 8, 2025
  • 7
    PBBM asks Singapore to invest more in PH renewable energy projects
    • June 6, 2025
  • 8
    Singapore PM Wong arrives in Malacañang
    • June 4, 2025
  • 9
    Renewable energy, carbon credits are priority areas of cooperation for Singapore, Philippines: Lawrence Wong
    • June 4, 2025
  • 10
    Singapore businesses eye more investments in PH, says PM Wong
    • June 4, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.