Data privacy laws threaten to stop fintech in its tracks – Asifma

More from: | Finextra |

A fragmented patchwork of data privacy rules threatens to upend the promise of new developments in financial technology across Asia, a leading trade body has warned.

Asifma, the financial industry’s regional trade association, highlights the challenges faced by firms in grappling with a multitude of regulatory mandates and suggests that policymakers focus on broad principles rather than precise rules.

“Data privacy rules have a particularly strong impact in the fintech space, where solutions are largely driven by the use of data and rely on cross-border data flows to scale their products,” says Mark Austen, CEO of Asifma. “Different interpretations of data privacy rules and definitions can create legal uncertainties which impact confidence to operate across markets, and data localisation requirements present significant


Read full article »

About | Finextra |

Finextra is the leading independent newswire and information source for the worldwide financial technology community.

Finextra covers all significant technology news in wholesale and retail banking, the capital markets and insurance. Finextra also publishes a wide range of research articles, features, white papers and case studies.

»Twitter: @finextra »Linkedin: finextra