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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
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