The agreement promotes cooperation on cross-border data flows, fintech, cybersecurity, and mutual recognition of digital identity systems.
June 15, 2022MAS and SIF will work towards enabling data flows (including personal information) within financial groups, supported by free choice of location for data storage and processing.
May 25, 2022Restrictions prohibiting Diners Club from onboarding new domestic customers have been lifted. Similar restrictions are still in place for Amex and Mastercard.
November 14, 2021The FATF says inconsistent implementation of AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency in cross-border payments.
October 23, 2021Following meetings with foreign banks, the RBI will allow certain static data to be stored in offshore locations for AML and sanctions screening purposes.
October 14, 2021The decision is reportedly based on data security concerns following recent breaches at payment firms and non-compliance by global payment giants with India's data localisation rules.
September 2, 2021Visa is the only foreign card network that complies with requirements for financial data on Indian customers to be stored locally, the RBI says.
August 19, 2021The action may hamper the ability of private banks to issue new cards to customers in the near term due to their exclusive tie-ups with Mastercard.
July 15, 2021Data mobility in financial services supports economic growth, innovative financial services, risk management and compliance, BSP and MAS say in a joint statement.
November 17, 2020The approval comes two and a half years after WhatsApp launched in beta mode, but was then forced to comply with India's data localisation requirements.
November 9, 2020