Singapore, Australia to enhance connectivity in financial services

Both countries will prohibit requirements for data localisation.

Singapore and Australia agreed to enhance data connectivity in financial services between both countries under the Singapore-Australia Digital Economy Agreement (DEA), announced by the countries’ prime ministers on Monday.

The DEA aims to ensure that financial institutions operating in the countries are able to transfer information seamlessly across borders.

Singapore and Australia will also prohibit requirements for data localisation, which they found to be an unnecessary barrier to trade and drive up the cost of storing data for all businesses. They would also allow financial institutions to choose where their data will be stored.