MAS, Swiss gov’t body agree to push for data connectivity in finance

They will work with other countries and authorities to promote financial growth.

The Swiss State Secretariat for International Finance (SIF) and Monetary Authority of Singapore (MAS) agreed to work together to promote data connectivity for the financial sector through creating a regulatory and policy framework.

In a joint statement of intent, SIF and MAS said the framework, one that is conducive for the “cross-border transmission, storage, processing, access to and protection of data in the financial sector.”

The two financial agencies said they also vow to coordinate with other countries and leaders to strengthen financial services that fosters growth and development of the global economy.

According to them, “cross border data connectivity in financial services may support economic growth and the development of innovative financial services, and may benefit risk management and compliance programs.” 

They also intend to explore policies to achieve the following goals:

I. Enable data flows (including personal information) within financial groups or with business partners, across borders by electronic means provided this activity is for the conduct of the business within the scope of their licence, authorisation, or registration; 

II. Support the free choice of location for the storage and processing of data as long as financial regulators or supervisors have appropriate access to data necessary to fulfil their regulatory or supervisory mandate. If such access cannot be granted to financial regulators or supervisors, alternative means should be explored to remediate such lack of access before financial institutions are required to use or locate computing facilities locally; and

III. Protect confidentiality of customers’ data and privacy.