Data privacy rules in Asia limiting FinTech

HONG KONG (Reuters) – Data privacy rules in Asia are limiting the spread of financial technology (FinTech), an industry body said on Thursday, calling on regulators to set out broad principles rather than precise rules. Aside from the privacy rules, companies also face varied, and sometimes conflicting, requirements imposed by financial regulators, privacy commissioners and cyber security bodies in Asia, Hadzewycz said. But governments and regulators in Asia and elsewhere are tightening rules on how that data is used. “Governments in Asia say that they support fintech, and they want fintech firms to enter their market, but data privacy rules are a major stumbling block,” Paul Hadzewycz, senior associate at the Asian Securities Industry and Financial Markets Association (Asifma), told Reuters. Another industry concern are rules that prevent a company from storing customers’ data outside their country.

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