eXECUTIVE ROUNDTABLE


The New ASEAN
Digital-Data-Governance

The impact on and transformation of our financial services sector

26 January 2021 | 3pm SGT / 8am CET

Executive Roundtable Debate 

The New ASEAN Digital-Data-Governance

 

Data Governance has become the renewed imperative for competitive digital financial institutions. This is on the one hand a regulatory driven development with new and more prescriptive privacy and other data-related regulations. Compliance with all and any data-related laws is essentially dependent on robust data governance. With this view, the ASEAN Framework on Digital Data Governance endorsed at the 18th ASEAN Telecommunications and Information Technology Ministers Meeting in December 2018 and the ongoing work on an ASEAN Data Management Framework acknowledge the importance of digital data governance in the digital economy and aim to set out the strategic priorities, principles and initiatives to guide ASEAN Member States in their related policy and regulatory which will further impact and transform the financial services sector.

On the other hand, we are already witnessing the rapid and profound digital transformation of the financial sector. Traditional financial institutions have had to compete with new actors in offering choice and agility to an ever more demanding clientele. Singapore has spearheaded this global trend with the liberalisation of the banking sector and the open banking initiative led by the Monetary Authority of Singapore (MAS). The recently launched Singapore Financial Data Exchange (SGFinDex) is an ambitious initiative and the world’s first public digital infrastructure to use a national digital identity and centrally managed online consent system to enable individuals to access, through applications, their financial information held across different government agencies and financial institutions. With MAS recently awarding licenses for four fully digital banks, there is no doubt the financial sector is evolving towards a true digital and data-driven industry.

Therefore, in addition to compliance, the competitiveness of digital financial institutions is more than ever dependant on solid data governance so that they can extract value out of their data and make data-driven, trusted decisions.

 

The key point for our debate will be the role of data governance for financial institutions against the background of the rapid and profound digital transformation of the financial sector. With the progressive opening and liberalisation of the banking sector including for example the operation of fully digital banks today in Singapore and initiatives such as Singapore’s Financial Data Exchange (SGFinDex), the financial sector is rapidly evolving towards a true digital and data-driven industry.
We will explore how effective the ASEAN Data Management Framework can be in assisting financial institutions with their digital transformation by offering practical implementation tools and encouraging regional alignment. We will further discuss how data governance requirements of the PDPA can be managed in practice in order to build the foundations for holistic digital governance.


Key points in brief

– How effective will be the ASEAN Data Management Framework

– PDPA at work: sharing the regional expertise

– The impact of Digital Data Governance on FSI: New Competitive instrument?

– Sharing key lessons learned from European regulations

– The challenge of implementing and regional alignment

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This debate is open for max 15 participants only in order to create room for debate amongst executives present. As an true expert debate, we foster open discussion on the theme and key topics. No media will be present. This session will be by invitation only.

Who will join?
Senior Executives from the financial services industry in Asia Pacific (by invitation).

3rd Salmony-zweitblick-17-24cm copy

Michael Salmony

Executive Advisor equensWorldline  | Frankfurt
(Roundtable Moderator)
>>

Amb. Michael W. Michalak

Amb. Michael W. Michalak

Senior Vice President and Regional Managing Director | US-ASEAN Business Council
>>

US-ASEAN Data Framework

Digital Data Governance in ASEAN

“As the digitization trend continues in both the public and private sectors, it is imperative to not only create policies to address localized issues, but to also look towards establishing a coherent and consistent set of interoperable standards of data governance across the relevant domestic and international stakeholders.

The creation of such standards enables companies to operate efficiently in domestic and international markets, supporting the growth of these economies, while addressing the concerns of governments, individuals and companies about the protection of data. The ASEAN Framework on Digital Data Governance highlights the importance of coordinating policy and regulatory approaches by outlining a set of guiding principles. In support of these principles, the US-ASEAN Business Council (US-ABC) offers the following recommendations for consideration as ASEAN continues to foster a data-driven economy.”

 

Check out this interesting report here.

APC HardTalk

Data governance – the magic wand for data wizards?

Check out our interview with Kalliopi Spyridaki, chief privacy strategist, Europe & Asia Pacific at SAS.

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