FEB 06, 2020 | US | SINGAPORE
Global Data Alliance Welcomes US and Singapore Commitment to Cross-Border Financial Data Transfers
WASHINGTON – February 6, 2020 – The Global Data Alliance commends the Joint Statement on Financial Services Connectivity, issued today by the US Department of the Treasury and the Monetary Authority of Singapore. Both financial regulators announced a plan to promote the international adoption of policies and rules that ensure that financial service suppliers can transfer data across borders, and that oppose data localization requirements for financial service suppliers.
Both countries underscored that “the ability to aggregate, store, process, and transmit data across borders is critical to financial sector development,” and allows for greater consumer choice including greater consumer choice, enhanced risk management capabilities, and increased efficiency.
The Global Data Alliance also applauds yesterday’s speech by Brent McIntosh, the Under Secretary of the Treasury for International Affairs, which highlighted the benefits of data connectivity for innovation and economic growth. The announcement that the United States will establish a group of experts on cross-border data issues in financial services is a positive next step.
“The Global Data Alliance welcomes today’s announcement by the US Treasury Department and the Monetary Authority of Singapore,” said Joe Whitlock, Director of Policy at BSA | The Software Alliance. “Continuing to allow financial institutions and service providers to transmit information across borders is good policy: Data localization mandates and data transfer restrictions often undermine protections against fraud, cyberattacks, and other business and operational risks.”
US and Singaporean financial regulators indicated that financial institutions can provide timely government access to data needed for regulatory or supervisory purposes, rather than being subjected to data localization requirements that often have unintended consequences. The Global Data Alliance looks forward to working with US, Singaporean and other financial regulators on policies and rules to safeguard the ability to transfer data across borders and to preempt data localization requirements that restrict trade.
About the Global Data Alliance
The Global Data Alliance (globaldataalliance.org) is a cross-industry coalition of companies that are committed to high standards of data responsibility and that rely on the ability to transfer data around the world to innovate and create jobs. The Alliance supports policies that help instill trust in the digital economy while safeguarding the ability to transfer data across borders and refraining from imposing data localization requirements that restrict trade.
Alliance members include BSA members and American Express, Amgen, AT&T, Cisco, Mastercard, Panasonic, United Airlines, Verizon, Visa, and WD-40 Company. These companies are headquartered across the globe and are active in the advanced manufacturing, aerospace, automotive, electronics, entertainment, financial and payment services, health, consumer goods, supply chain, and telecommunications sectors, among others. BSA | The Software Alliance administers the Global Data Alliance.
소프트웨어 연합(BSA | The Software Alliance, 이하 BSA)(www.bsa.org)은 각국 정부를 대상으로 세계 시장에서 전 세계 소프트웨어 업계를 대변하고 옹호하는 선도적 연합체입니다. 세계의 가장 혁신적 기업들이 회원사로 참여하며 경제에 활기를 불어 넣고 현대의 생활을 향상시키는 소프트웨어 솔루션을 만들어 내고 있습니다.
워싱턴 DC에 본부를 두고, 30개국이 넘는 국가들에서 운영되는 BSA는, 합법적 소프트웨어 사용을 증진시키고 기술 혁신을 촉진하며 디지털 경제의 성장을 추진하는 공공 정책을 지지하는 준법 프로그램들을 선도합니다.