The ABS Standing Committee on Data Management (SCDM) was established in November 2019 to:

• Promote collaboration across the banking sector within Singapore and beyond on data management issues faced by member banks;

• Facilitate engagement of relevant stakeholders to enable the effective use of data for better delivery of financial services by member banks through:

  • Setting of standards and industry guidelines; and

  • Sharing of best pratices

• Work with MAS and appropriate government agencies for industry-level engagement to drive data-driven innovation in Singapore and support the growth of Singapore as an international financial centre.

SCDM prioritised its future work and the key area of focus was on a framework to facilitate data sharing between banks and ecosystem partners. 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:

• An example of the Data Sharing Journey that banks and ecosystem partners typically embark on when looking to share or acquire data, and key considerations along the way.

• Data Sharing Principles that can help ground the decisions that organisations, both banks and non-banks, make along their data sharing journeys.

• Guidance on the types of data that banks have, the classification of shared data according to sensitivity, as well as examples of data sharing mechanisms and privacy preserving technologies.

• Key legal and regulatory considerations that organisations should take into account when looking to engage in data sharing with banks in Singapore, as well as guidance on the elements and types of data sharing contracts.