The Singapore-South Korea digital partnership agreement (KSDPA) entered into force from January 14 2023 supporting the development of safe and secure cross-border-payments as well as the digitalisation and exchange of commercial documents.
The KSDPA was signed by Singapore’s Second Minister for Trade and Industry, Tan See Leng, and the Republic of Korea (ROK) Minister for Trade, Dukgeun Ahn, in Singapore on November 21, 2022.
Singapore and South Korea have since completed all necessary legal procedures for the agreement’s entry into force.
The two nations will support open APIs and other transparent, accommodating norms, embrace globally recognised standards, and encourage compatibility between their respective e-payments systems.
Electronic trade admiration paperwork will also be accepted in Singapore and South Korea. Additionally, the two sides will work together on initiatives that make it easier for people to utilise and adopt data exchange technologies for exchanging electronic trade papers.
Businesses operating in Singapore and South Korea will be able to seamlessly transfer information, including that produced or held by financial institutions, across borders thanks to the KSDPA, provided that the necessary requirements are met and that adequate personal data protection safeguards are in place.
The two countries will also put in place rules against requirements for data localisation and allow businesses to choose where their data is stored, and processed, and their cloud technology of choice.
Additionally, both nations will make sure that publicly accessible government data is in an open, machine-readable format with freely accessible APIs.
The two nations will support innovation and ensure that private keys and related technologies are protected in order to give businesses that use cryptography confidence in the market in which they operate. Neither nation will impose these requirements as a prerequisite for market access. Instead, they will both work to promote innovation.
This would lower obstacles to cross-border trade and make it easier, more secure, and safe for people and enterprises to operate in the global digital economy.
Singapore and South Korea have also signed three Memoranda of Understanding (MOUs) to implement the Korea-Singapore Digital Economy Dialogue, facilitate the electronic exchange of data, and enhance cooperation in artificial intelligence.
These MOUs are part of ongoing bilateral efforts to develop cooperative projects to implement the KSDPA.
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