Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), speaks at the Singapore Fintech Festival in Singapore November 16, 2016. REUTERS/Edgar Su/Files
Concerted moves by countries to force companies to store data locally poses a risk to the growth of the digital economy, Singapore's central bank chief said on Monday.
"We need more data connectivity, and less data localisation. This is a serious risk," Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) told the opening session of the Singapore FinTech festival, which is expected to draw over 40,000 participants from 100 countries over three days.
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