Singapore and Australia Agree to Enhance Data Connectivity in Financial Services
The Monetary Authority of Singapore (MAS) has announced that Singapore and Australia have agreed to enhance data connectivity in financial services between both countries under the Singapore-Australia Digital Economy Agreement (DEA).
The DEA ensures that financial institutions operating in Singapore and Australia are able to transfer information that they generate or hold more seamlessly across borders.
The conclusion of negotiations for the DEA was jointly announced by the Prime Ministers of Singapore and Australia on March 23rd, 2020.
Under the DEA, Singapore and Australia have also committed to prohibit requirements for data localisation, which are an unnecessary barrier to trade and can drive up the cost of storing data for all businesses. Both countries will allow financial institutions to choose where their data is stored.
Ravi Menon, Managing Director, MAS, said “The DEA with Australia is Singapore’s first binding bilateral agreement to facilitate data connectivity in financial services. It will ensure that financial institutions in Singapore and Australia can move financial data across the two jurisdictions to support their risk and business decisions. MAS will continue to promote the development of international rules for data connectivity in financial services.”