MAS Issues Updates on Fintech Awards and Data Sharing with Philippines
MAS announced that 40 solutions, including one from the S&P Global ESG Solutions, have been shortlisted for the MAS FinTech Awards to be presented at the Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH). Submissions on sustainability and climate change were geared toward sustainable investing, improving supply chain resilience, enhancing credit access for lower-income individuals and small and medium-size enterprises (SMEs), and accelerating green finance flows to support low-carbon economic activities. In addition, MAS and BSP (the central bank of Philippines) issued a joint statement on their intent to promote data connectivity in the financial sector and to share information on developments related to the adoption and implementation of the policies and rules that facilitate data connectivity.
MAS and BSP recognize that data localization requirements can increase cybersecurity and other operational risks, hinder risk management and compliance, and inhibit financial regulatory and supervisory access to data. Thus, they intend to promote the adoption and implementation of policies and rules that facilitate data sharing and transfer with respect to the operation of banks and non-bank financial institutions falling within the jurisdiction of either BSP or MAS. The covered institutions should be allowed to transfer data, including personal information, across borders by electronic means provided this activity is for the conduct of the business within the scope of their license, authorization, or registration. Additionally, the location where covered institutions can store and process their data should not be restricted as long as BSP and MAS have full and timely access to the data necessary to fulfill their regulatory and supervisory mandate. If BSP or MAS is unable to access the data, covered institutions should have the opportunity to remediate such lack of access before being required to use or locate computing facilities locally.
Keywords: Asia Pacific, Singapore, Philippines, Banking, Securities, Cyber Risk, Operational Risk, Climate Change Risk, ESG, BSP, Fintech, MAS
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