JAKARTA: Asean can work towards building a comprehensive regulatory framework to increase trust on intra-Asean data sharing between stakeholders, says Tengku Datuk Seri Zafrul Abdul Aziz.
The Investment, Trade and Industry Minister said while enabling the reuse of public intent data may be a complex process, what stakeholders can consider was to further enable the reuse of private intent data via regulations across Asean.
"In terms of private intent data, about 50 million Small and Medium Enterprises (SMEs) use Facebook to find customers; 70% of their fans are
domestic, and 30% are from outside the country.
"Enhancing data flows will reduce transaction costs, promote sharing of ideas, and enable users to make use of new findings and technologies," he said in his speech at the Asean Business and Investment Summit 2023 today (Sept 4)
Sharing his personal experience while he was group chief executive officer of the CIMB, he shared how the group had successfully enabled cross border linking of accounts between CIMB Malaysia and CIMB Singapore.
"This has facilitated services such as providing competitive MY-SGD exchange rates for immediate, online fund transfers.
"This is a direct example of how regulatory harmonisation between two countries has built trust on sharing private intent data for cross-border banking transactions," noted Tengku Zafrul.
"The second example is the easing of the payment system for transactions.
"On this front, we must commend the banking regulators and central banks that have cooperated well in harmonising the regulations in this space.
"Today, payment transactions between Asean countries are much easier, and now even cross-border QR codes are accepted," said the minister.
Regionally, he said that multilateral arrangements to facilitate cross-border data flows include the RCEP provisions on e-commerce and the Asean e-Commerce Agreement.
"Improved coherence in data-related policies will create more trust, and boost e-commerce within the region, as well as between Asean and other international markets," he said.
In ensuring next-level GRP implementation in Malaysia, the government had
launched the National Policy on Good Regulatory Practice (NPGRP) in 2021, with improvements after GRP was first introduced in 2013.
"The gatekeeper for this policy is the Malaysia Productivity Corporation (MPC), an agency under my ministry.
"Investors and businesses appreciate regulatory clarity and transparency. Investment-wise, Asean is currently in a sweet spot where manufacturing and supply chains are likely to migrate to many South-East Asian countries," said Tengku Zafrul.
He also noted that as e-commerce activity in the region skyrockets, foreign companies will likely boost their manufacturing base in the region, not just to cater to global demand, but also to fulfil the region’s appetite for goods and services.
"To quickly capitalise on all those factors, Asean must embrace the next-level GRP initiatives, while helping member states on regulatory capacity building," he said.
