At the APEC Business Advisory Council meetings in Atlanta, JC Parrenas (Mizuho) and Bob Trojan (Token Insights) join FRT to discuss APEC initiatives to encourage interoperability of data security and privacy frameworks, as an enabler for cross-border data flows.
In an increasingly digitized global economy, data flows are identified as being integral to trade expansion, and with tremendous potential for data to improve financial services. But there are some substantive challenges in overcoming some jurisdiction-specific requirements that may be inadequate to support digital and cross-border business. The APEC Roadmap for a New Financial Services Data Ecosystem is one important initiative in tackling such challenges.
JC and Bob also discuss the extent to which other regional data privacy regimes may impede the development of technologies such as machine learning and artificial intelligence, as well as the opportunities in digital identify, and how this may ultimately support the funding of SME businesses.