Data sharing for Financial Institutions offers great value in terms of allowing them to provide their services more efficiently and with greater innovation, as well as to address challenges they may face such as fraud risks and changing trends. According to the OECD, data access and sharing can help to generate social and economic benefits worth between 1%-2.5% of GDP, equating to up to about S$12.3 billion for Singapore.1
However, the use of data, especially that of customers’ personal data, is still a grey area to many financial professionals who are not quite sure of just what the regulations are and the risk considerations, especially with the different types of data available and the many ways they can be collected.
With this in mind, on 30 August 2021, the Association of Banks in Singapore (ABS) launched the Data Sharing Handbook for Banks and Non-Bank Data Ecosystem Partners. This handbook, which was jointly developed by industry practitioners and expert group, was created to provide banks and their industry partners with a solid structure for them to share data in a legal and secure manner.
Go here to view the handbook: Data Management handbook
One of the guiding principles to data sharing mentioned in the handbook is whether it has a legal basis. With our course “Personal Data Protection – What are Your Obligations?”, we cover the Personal Data Protection Act (PDPA) obligations that organisations have to abide to when dealing with sensitive and personal data, as well as the measures for complying with the PDPA obligations. This 1-hour course is IBF-FTS & Core FAA CPD accredited.
Check out the course here: Personal Data Protection
1 “Enhancing Access to and Sharing of Data: Reconciling Risks and Benefits for Data Re-use across Societies”, OECD report, 26 November 2019