The agreement to «enhance data connectivity» which will allow financial institutions to hold data in either country.
The Singapore-Australia Digital Economy Agreement (DEA) is expected to undo the «unnecessary barrier to trade» and the additional costs incurred from data storage.
«The DEA with Australia is Singapore’s first binding bilateral agreement to facilitate data connectivity in financial services,» said Ravi Menon, managing director of the Monetary Authority of Singapore, in a statement.
«It will ensure that financial institutions in Singapore and Australia can move financial data across the two jurisdictions to support their risk and business decisions.»
Deeper Singapore-Australia Ties
The DEA is part of a broader plan between the two countries to deepen ties amidst an ongoing coronavirus pandemic. Singapore Prime Minister Lee Hsien Loong and Australia Prime Minister Scott Morrison signed three memorandums of understanding (MoU) for further cooperation as of publishing which included military training, artificial intelligence and data innovation.
Seven other pres-signed deals involved cyber security, e-invoicing and food safety.
