On 27 June, the Monetary Authority of Singapore announced that banks will soon be allowed to invest in and operate digital platforms that offer complementary services to the banks’ financial businesses, including e-commerce and online shopping. With the relatively recent enactment of Singapore’s Personal Data Protection Act 2012, data protection is fast emerging as a key consideration in commercial transactions, particularly ones involving the acquisition of data. The act prescribes nine main data protection obligations for all private-sector organizations to comply with. The MAS is expected to conduct a consultation on its proposal to allow banks to acquire digital platforms by September. It is hoped that further guidance will also be provided in due course to offer clarity on specific issues, like data protection and how consumer data is to be treated in such transactions. Charmian Aw, CIPP/A, CIPP/E, CIPP/US, reports on the details in this exclusive for The Privacy Advisor. Editor's Note: The IAPP Asia Privacy Forum is set to kick off July 24-25 in Singapore.
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