This Data Sharing Handbook For Banks and Non-Bank Data Ecosystem Partners ("Handbook") is a guide for Banks and their ecosystem partners to adopt a standardised approach and common language for the sharing of data to ensure that data sharing in the financial services industry is underpinned by trust and security, and in line with existing regulations, with the aim of encouraging greater collaboration and data-driven innovations in the banking sector.

The Handbook covers:

• A typical data sharing journey and key considerations along the way.

• Guiding principles for data sharing to ensure data is shared appropriately with robust safeguards.

• Common categories of banking data, their data sensitivity classification and examples of data sharing mechanisms and privacy preserving technologies.

• Key legal and regulatory considerations for data sharing and guidance on key contractual components of a data sharing agreement.

As data becomes increasingly central to financial services, banks face growing complexity in managing cross-border data flows while maintaining compliance with evolving regulatory requirements.

Recognising these challenges, the ABS Standing Committee on Data Management established a task force in September 2023 to develop a practical guide for banks. The Data Sovereignty Handbook serves as a sequel to the Data Sharing Handbook for Banks and Non-Bank Data Ecosystem Partners and focuses on key risks and best practices for managing cross-border data securely and in compliance with regulatory frameworks. It covers critical areas such as regulatory requirements, risk management, security controls, and continuous monitoring.

In July 2021, ABS as the Chair of Committee on Cooperation in Finance, Investment, Trade and Technology (COFITT), led an ASEAN-level Taskforce comprising the local national banking associations under the umbrella of ASEAN Bankers Association (“ABA”), to curate an interoperable data framework for the ASEAN banking community.

The objective of the framework was to:

• Foster innovation in financial services – it aims to improve financial inclusion through greater exchanges of information via trusted data flows, driving transparency in credit worthiness and risks. With the innovation fostered, it increases customised services and processes to cater for different market segments.

• Establish interoperable standards for data sharing – the standards help to improve integrity of information shared with agreed standards of data quality and metadata. Such data standards increase consistency for data collection and processing, and drive greater accountability and transparency on use of data.

• Foster collaboration – this encourages a culture of collaboration to drive efficiencies and effectiveness through data sharing, such as in financial crime and fraud detection etc.

We are now pleased to share the publication of this ASEAN Banking Interoperable Data Framework.

Generative AI (Gen AI) has significantly empowered banks to enhance their creative capabilities, streamline processes, and explore innovative solutions across various facets of their operations. However, with these advancements come inherent risks and challenges that must be managed effectively. To address these concerns, members of the The Association of Banks in Singapore (ABS) Standing Committee for Data Management (SCDM) have collaborated to identify essential guardrails aimed at mitigating the specific risks associated with the deployment of Gen AI, published ABS Handbook on Generative AI Guardrails in Banking “Handbook” and a supplementary excel tool.

This Handbook serves as an initial guide, drawing on the collective experiences of ABS SCDM members to date and will provide in-depth guidance on how banks can select appropriate guardrails tailored to their unique circumstances, taking into account the characteristics and risk levels associated with their use of Gen AI. Additionally, the Handbook will articulate where and how specific controls can be applied throughout the Gen AI system lifecycle, offering practical illustrations of a range of implementation controls that banks can adopt. It is designed to evolve alongside advancements in Gen AI and the emergence of associated risks.

As the landscape of Generative AI continues to evolve, the ABS SCDM remains committed to supporting banks in navigating the complexities of this technology while ensuring robust governance and risk management practices are in place. The insights and frameworks outlined in the upcoming Handbook will empower banks to harness the full potential of Gen AI responsibly and effectively.

ABS Handbook on Generative AI Guardrails in Banking (19 May 2025)

ABS SCDM Gen AI Guardrails and Controls Library (19 May 2025)