Singapore: MAS report on critical infrastructure for an inclusive digital economy

The Monetary Authority of Singapore published a report on foundational digital infrastructures. The stated aspiration is to engage regulators from other countries in developing these digital infrastructures further. Digital infrastructures are defined as "systems that allow different users and different digital devices to seamlessly interact with one another". Among the four "key pillars" identified in the report, two relate to data governance. These are: "(a) Digital Identity to ensure authentication and validation of an individual’s identity, while protecting privacy and security of information, (b) Authorisation and Consent to ensure transparent and secure digital transactions through authorised use of data and mechanisms for obtaining users’ consent,". The two further pillar relate to digital payments and the required security protocols: "(c) Payments Interoperability to ensure systems for clearing and settlement of payments between users are interoperable, for seamless domestic and cross-border transactions, (d) Data Exchange to enable users to make their data accessible to third parties for the benefit of the users, such as for payments, financial planning, etc."