Welcome Remarks for Address by Under Secretary McIntosh

Event at the Sim Kee Boon Institute for Financial Economics at Singapore Management University on 6th of February 2020.

United States Treasury Under Secretary for International Affairs Brent McIntosh, Delegates, Ladies and Gentlemen. Welcome to the Singapore Management University, Sim Kee Boon Institute event on the importance of data connectivity in the financial sector.

The importance of data connectivity in the financial sector, as well as other sectors, can not be underestimated or trivialized *as the *digital dream that we are all pursuing is hinged not only on data, but the *connectedness *of data that is in turn necessary for facilitating the products and services to consumers locally and abroad.

One overly simplified analogue** **analogy is to imagine a world where we all write letters (the paper kind) to one another, yet are prohibited from sending it. Data does come with complex and valid issues, such as those arising from privacy or security concerns. However the prevention of data connectivity is not a solution.

The United States Treasury has been a leader in changing and shaping the way data cross boarder has being perceived. In the Agreement between the United States of America, the United Mexican States, and Canada (USMCA) an important provision had been introduced. A provision that “prevents any party from passing laws that restrict the cross-border flow of data”. This had been a welcomed call of calm in what could only be perceived as a data hysteria.

The Monetary Authority of Singapore has equally been advocating the antithesis to data localisation. (And anyone who has heard me speak can attest to this fact). Advocating data connectivity that is secure and respects privacy. In further emphasis of the importance of this topic to the financial system, I am proud to share that the Authority had recently established the Payments Development & Data Connectivity Office in dedication to this pursuit.

It is my pleasure to share that earlier today the United States Treasury Under Secretary McIntosh and Monetary Authority of Singapore Deputy Management Director Loh had issued a United States-Singapore joint statement on financial services data connectivity. Recognizing that the ability to aggregate, store, process, and transmit data across borders is critical to financial sector development.

It is truly a privilege to invite Under Secretary McIntosh to deliver his remarks on how policymakers can address the complex issues arising from data, while ensuring the benefits of data connectivity in the financial sector can be concurrently achieved.

Link to full address by Under Secretary McIntosh.