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