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The concept of data portability has been of increasing interest in APAC countries. This is partly influenced by data portability provisions in the GDPR. However, scoping and implementing data portability rights in practice is proving challenging. Here is a snapshot of differing and developing approaches.In Thailand, the right to data portability has been incorporated into the new Personal Data Protection Act, which will come into effect in May 2020. In India, the right to data…

Globally, there is an emergence of initial coin (or token) offerings (“ICOs”) as a source of funding for startups and technology companies latching onto the digital token trends. The Singapore Business Times reported that based on information obtained from Tokendata.io, there were 34 ICO projects raising USD 665 million in July 2017 alone. Singapore has also seen its fair share of ICOs and digital tokens offering, ranging from property backed tokens to crowdfunding platforms for…

The Singapore government has issued its long-awaited draft Cybersecurity Bill for public consultation. In light of the global increase in cybersecurity threats, the draft bill seeks to provide a framework for national cybersecurity and protect critical information infrastructure against cybersecurity threats. The provision of certain investigative and non-investigative cybersecurity services will also now be regulated under the draft bill. Click here for a detailed alert on the topic.Key points to noteA Commissioner of Cybersecurity will…

Japan’s Financial Services Agency recently announced plans to cooperate respectively with the UK’s Financial Conduct Authority and the Monetary Authority of Singapore for the purpose of promoting fintech innovation. The collaboration is intended to reduce regulatory uncertainty and time to market, remove barriers to entry in the respective jurisdictions and otherwise further encourage innovation. Press releases issued by the regulators detailing the frameworks can be found here: Japan & UK cooperation and Japan & Singapore…

Technology and innovation is shaping the future and transforming the world. In this new era, Singapore has a bold ambition of becoming the world’s first Smart Nation. The initiatives and traction seen in the financial and insurance technology space undoubtedly echoes this ambition.As Singapore strives towards becoming a Smart Financial Centre and a world-class FinTech hub, the Monetary Authority of Singapore (“MAS”) announced a series of initiatives aimed at fostering the FinTech/InsurTech sector and building…

The Personal Data Protection Commission (“PDPC”) has recently introduced and updated its advisory guidelines to help companies better protect personal data in compliance with the Personal Data Protection Act (“PDPA”). The new Guide to Preventing Accidental Disclosure When Processing and Sending Personal Data as well as updates to the (a) Guide to Securing Personal Data in Electronic Medium; (b) Guide to Disposal of Personal Data on Physical Medium; and (c) Guide on Building Websites for…

In May 2015, Singapore Customs revised its Guide to “Keeping and Maintaining Records in Image System”. The Guide includes a new requirement that where importers, exporters and their agents (collectively, “Traders”) use a storage system to store and retrieve records (an “Image System”) without retaining physical copies, they must use a system with proven hardware and software components reputable for security, quality and performance to satisfy their retention obligations.If Traders fail to comply with their…