26 November 2018
Latham & Watkins, Refinitiv, and Herbert Smith Freehills, have partnered with ASIFMA, the financial industry’s leading trade association in Asia, to produce a white paper, “Implications of Data Privacy Regulations for Financial Technology in Asia.” The comprehensive white paper provides best practices for data privacy regulation for fintech in Asia.
“Fintech innovations such as distributed ledger technology, artificial intelligence, big data and cloud computing, among others, have great promise in improving access to financial services and driving efficiencies within the Asia-Pacific region. However, the region’s patchwork of data privacy-related regulations and laws threatens to upend the potential of these innovations,” said ASIFMA in a press release announcing the report.
ASIFMA’s paper highlights “the challenges faced by firms in grappling with varying personal data privacy regulations and suggests that policymakers develop a principles-based regulatory framework for data privacy that provides sufficient flexibility for firms looking to employ fintech solutions in the interest of growing Asia’s fintech ecosystem.”