To address issues involving the financial sector, the monetary authorities of the Philippines and Singapore agreed to boost their data conncectivity partnership.
The Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) said they have agreed on greater information sharing to further improve consumer services, address cybercrimes, and help regulators craft policies.
A joint statement said the central banks “recognise that the ability to aggregate, store, process, and transmit data across borders is critical to the development of the financial sector”.
The statement said expanding use of data in financial services and the increasing use of technology to supply financial services offer a range of benefits, including greater consumer choice, enhanced risk management capabilities, and increased efficiency.
It, however, said these developments also pose new and complex risks for markets and challenges for policymakers and regulators.
“BSP and MAS are committed to working together and with other countries and authorities to promote an environment in financial services that fosters the development of the global economy,” it said.