JAKARTA: Tengku Datuk Seri Zafrul Abdul Aziz believes that Asean should work together to establish a comprehensive regulatory framework that promotes trust in sharing data within the region. The Investment, Trade and Industry Minister suggests that while enabling the reuse of public intent data may be challenging, stakeholders can focus on enabling the reuse of private intent data through regulations across Asean.
According to Zafrul, around 50 million Small and Medium Enterprises (SMEs) use Facebook to find customers, with 70% of their fans being domestic and 30% from other countries. He emphasizes that enhancing data flows will reduce costs, foster idea sharing, and enable users to benefit from new discoveries and technologies.
Drawing from his experience as the former CEO of CIMB, Zafrul points out how cross-border account linking between CIMB Malaysia and CIMB Singapore facilitated services such as providing competitive MY-SGD exchange rates for immediate online fund transfers. He cites this as an example of how regulatory harmonization between countries can create trust in sharing private intent data for cross-border banking transactions.
Another example he highlights is the simplification of payment systems for transactions. Zafrul commends banking regulators and central banks for their cooperation in harmonizing regulations in this area. As a result, payment transactions between Asean countries have become easier, with cross-border QR codes now being accepted.
Zafrul mentions that multilateral arrangements like the provisions on e-commerce in the RCEP and the Asean e-Commerce Agreement are helping to facilitate cross-border data flows. He believes that greater coherence in data-related policies will increase trust and boost e-commerce within the region and between Asean and other international markets.
In Malaysia, the government has launched the National Policy on Good Regulatory Practice (NPGRP) in 2021 to ensure the effective implementation of good regulatory practices (GRP). The Malaysia Productivity Corporation (MPC), an agency under the Ministry of Investment, Trade and Industry, is responsible for overseeing this policy. Zafrul emphasizes the importance of regulatory clarity and transparency for investors and businesses.
Zafrul predicts that as e-commerce activity continues to surge in the region, foreign companies are likely to increase their manufacturing presence in Asean countries. This is not only to meet global demand but also to cater to the region’s own consumption of goods and services. He believes that Asean must embrace next-level GRP initiatives and assist member states in building regulatory capacity to capitalize on these opportunities.
Credit: The Star : News Feed
