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The FTC requires financial institutions to encrypt user data but doesn’t specify which cryptography standards to use. Even trustworthy, verified assets or accounts can pose risks through errors or takeover, but removing sensitive details from data can make these hazards less impactful. Encryption is the first step.
With the National Bank of Cambodia (NBC), MAS is working on the Financial Transparency Corridor (FTC) initiative, a project that aims to establish supporting digital infrastructures to facilitate trade and cross-border related financial services between SMEs in Singapore and Cambodia. and advancing talent.
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