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.
BSA | The Software Alliance (www.bsa.org) is the leading advocate for the global software industry before governments and in the international marketplace. Its members are among the world’s most innovative companies, creating software solutions that spark the economy and improve modern life.
With headquarters in Washington, DC, and operations in more than 30 countries, BSA pioneers compliance programs that promote legal software use and advocates for public policies that foster technology innovation and drive growth in the digital economy.