MAS chief laments ‘data localisation’
Misguided notions of data security threaten digital growth, says Menon; central bank further strengthens fintech support
Countries storing data locally pose a “serious risk” to the digital economy, Singapore’s central bank chief said today (November 12), in opening remarks at the Singapore FinTech Festival.
Ravi Menon said the “misguided” notions of cyber security and data privacy, “or worse still, protectionism”, have led to a rise in countries storing data locally.
“We need more data connectivity, and less data localisation. This is a serious risk,” Menon said. “If data cannot cross borders, the digital
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