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Singapore central bank head says data localisation measures have inherent risks.

M2 EQUITYBITES-November 13, 2018--Singapore central bank head says data localisation measures have inherent risks

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Global Banking News - 13 November 2018

The head of the Monetary Authority of Singapore, Ravi Menon, has said that data localisation measures by some countries could stifle the growth of the digital economy.

Menon's comments come as some nations have been pushing firms to store data locally. According to TheStar, Menon said, 'We need more data connectivity, and less data localisation. This is a serious risk.' He made the comment at the opening session of the Singapore FinTech festival.

Menon added, 'Data localisation measures are on the rise around the world. If data cannot cross borders, the digital economy cannot cross borders and we will be poorer for it. Not all data localisation is bad: there may be some legitimate concerns about national security. But a good part of data localisation that is happening in the world today is due to misguided notions of cyber security or data privacy or, worse still, old-fashioned protectionism.'

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