Singapore Favors ‘Organic’ Policy in Move Toward Open Banking
- Banks see the benefits of sharing data with others, MAS says
- MAS Chief Data Officer David Hardoon speaks in interview
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Singapore wants its lenders to share data with financial technology and other non-bank firms, but doesn’t plan to force the issue, according to a central bank official.
The transition towards “open banking” can be more successful if it takes place without the regulator mandating action, said David Hardoon, Chief Data Officer at the Monetary Authority of Singapore. “You can come and say ‘thou shall do it’ but then nothing happens effectively,” Hardoon said in a Wednesday interview.