The Bangko Sentral ng Pilipinas and the Monetary Authority of Singapore agreed to address cybersecurity and other risks with the increasing use of technology to supply financial services amid the global health pandemic.
The central banks recognize that the ability to aggregate, store, process and transmit data across borders is critical to the development of the financial sector.
They said, “The 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.”
They noted these developments also pose new and complex risks for markets and challenges for policymakers and regulators.
They added they 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.”