Asian data localisation rules stop banks from innovating

Author: Karry Lai | Published: 30 Apr 2019

Countries across Asia, including China, India, Vietnam, Indonesia, Malaysia and the Philippines are implementing increasingly protectionist data localisation regulations.

Aimed at tackling cyber and financial crime, the rules are undermining financial institutions’ ability to innovate, especially when it comes to using new technology, according to panellists at an Asia Securities Industry & Financial Markets Association (Asifma) event in Hong Kong.

One of the regulatory challenges facing banks is the increasingly homegrown mentality. "The increasing number of requirements to localise data in countries such as China, Vietnam and Indonesia, is undermining banks’...