On May 24, 2022 in Singapore, within the framework of the regular financial dialogue between Switzerland and Singapore, the two countries agreed on a joint statement of intent aimed at avoiding unnecessary obstacles for cross-border data flows. The Federal Department of Finance (FDF) is thereby implementing the instructions it received from the Federal Council.
In February 2022, in its report entitled “Digital finance: areas of action 2022+”, the Federal Council instructed the FDF to work towards ensuring free cross-border flows of data for financial services, among other things. With the agreement on a corresponding statement of intent with Singapore, the FDF implemented these instructions for the first time. In the statement, the two parties state that they seek to avoid unnecessary obstacles for the cross-border transfer, storage and processing of data in the financial sector, as well as ensure data availability and protection. Switzerland and Singapore intend to work together at the international level to achieve this. The declaration should help to promote consumer-oriented, innovative and efficient financial markets, while safeguarding the stability and integrity of the global financial system.
The agreement on the statement of intent was reached within the framework of the regular financial dialogue between Switzerland and Singapore. The aim of financial dialogues is to enhance bilateral cooperation and share views on national and international developments concerning financial market and financial policy issues.
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