Written by
Eileen Yu, Contributor
Eileen Yu
Contributor
Eileen Yu began covering the IT industry when Asynchronous Transfer Mode was still hip and e-commerce was the new buzzword. Currently an independent business technology journalist and content specialist based in Singapore, she has over 20 years of industry experience with various publications including ZDNet, IDG, and Singapore Press Holdings.
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Posted in By The Way
on December 15, 2021
| Topic: Tech Industry
Singapore has finalised negotiations with South Korea on a digital economy agreement that will see both nations collaborate across several areas, including cross-border online payments, data flows, cryptography, and artificial intelligence (AI). The partnership is touted to establish “forward-looking” digital trade rules and drive interoperability between digital systems.
South Korea also will be the first Asian market to sign on for Singapore’s Digital Economy Agreement, the latter’s fourth following similar pacts with the UK, announced last week, as well as Australia and Chile and New Zealand.
Under the digital agreement, data localisation would not be permitted unless necessary for specific purposes, such as regulatory access, the two partners said Wednesday in a joint statement. This would facilitate secured data transfers between organisation in both nations and enable them to decide where they want to store and process their data, according to their business requirements.
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