Nazir Razak: 'So many restrictions' on data movement in Asean

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KUALA LUMPUR (Nov 14): CIMB Group Holdings Bhd chairman Datuk Seri Nazir Razak said data is the heart of the Fourth Industrial Revolution (4IR) but there are so many restrictions on data movement across the Association of Southeast Asian Nations (Asean) region today.

The Manila Times quoted Nazir as saying Asean has not done enough to optimise the 4IR's potential.

"I like to think of it in a bigger context. We are in the 4IR and it has huge potential to improve inclusion for SMEs [small and medium enterprises]. There are many plans in Asean to deal with the 4IR. But I think those plans are not enough because the challenges [are] about cross borders and enabling movement of data.

"Data is the heart of the 4IR but there are so many restrictions in the Asean today about movement of data. How then do we take full advantage of the industrial revolution and technology if we are so restrictive in data?" Nazir said.

The Manila Times quoted Nazir as saying this during the Asean Business & Investment Summit in Manila, the Philippines. Nazir was a panellist at a forum themed "Right Money + Open Markets = Prosperity for All".

According to the Asean Business & Investment Summit's website, the three-day event, which started on Sunday (Nov 12) ends today (Nov 14).