Fintech - What Is The Solution?
The privacy challenges posed by fintech must be met in various ways. The financial sector is undergoing technological change, which provides opportunities to develop privacy-protecting instruments; unfortunately, the efforts of the industry are not very often put in this direction. Similarly, we need a regulatory framework that meets the new challenges. Much of the world already has tight controls over some kinds of financial data – for example, the data held by credit reference agencies – but we’re now in a situation where “all data is credit data”, as the formed CIO of Google put it.