The challenges of data localisation and cross border data flow restrictions are emerging issues that large financial institutions are navigating as they expand their global footprint. The FSB’s stocktake of international data standards for cross-border payments in September 2023 highlighted feedback from the private sector regarding the rapid increase in data localisation measures and mirroring requirements.
Data localisation policies are driven by differing and legitimate public policy objectives including for operational resilience purposes, data security or to protect against cyber security threats. However, restrictive data policies may pose significant compliance costs and additional operational complexity that may also compel some cross-border market participants to leave certain markets, or act as a barrier to entry for smaller players which could potentially affect the availability and access to financial services.
This roundtable is intended to be an interactive session, including audience polls and surveys, to understand the challenges faced by the private sector in navigating the complex data regulatory landscape, deep dive into technology and policy solutions as well as best practices from public-private collaboration that could help financial institutions unlock effective cross-border data sharing whilst meeting public policy objectives behind data flow rules.
Insights Forum
Roundtable Room 3, Sands Expo & Convention Centre, Level 4
