12 Oct Asian Data Privacy Rules Detrimental to Fintechs, Industry Body Says
Paul Hadzewycz, senior associate at the Asian Securities Industry and Financial Markets Association (Asifma) said last Thursday that data privacy rules set by Asian governments have become a major stumbling block for fintech firms.
Hadzewycz added that aside from the prohibitive rules, companies also have a hard time dealing with varied and conflicting requirements imposed by privacy commissioners, financial watchdogs, and cybersecurity bodies across Asia.
The industry body also called on regulators not to set an “exhaustive and prescriptive list” of rules, and instead create principles that will allow companies to operate “confidently across borders and enter new markets.”
Source: Reuters
