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Privacy, Data Protection, and Public Interest Considerations for Fintech

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Global Perspectives in FinTech

Abstract

Fintech is highly dependent on the processing of information about customers and its analyses. Currently, there are not any internationally adopted standards for data protection. The cross-border transfer of personal data by Fintech companies raises many issues concerning the regulation of data privacy. On one side, it is very important to ensure the privacy of customers, but at the same time anonymity could hurt the public interest. Based on comparative research, this chapter analyzes the challenges caused by Fintech with regard to data privacy regulation. It is concluded that a model for an international legal framework on data privacy is needed. It could harmonize the different approaches of governments and standardize their policy for Fintech.

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Notes

  1. 1.

    China Fines Alibaba $2.8 Billion in Landmark Antitrust Case, retrieved from: https://www.nytimes.com/2021/04/09/technology/china-alibaba-monopoly-fine.html.

  2. 2.

    Google dominates search. But the real problem is its monopoly on data, retrieved from: https://www.theguardian.com/technology/2015/apr/19/google-dominates-search-real-problem-monopoly-data.

  3. 3.

    Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), retrieved from: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02016R0679-20160504&qid=1532348683434.

  4. 4.

    Award of the Ninth Arbitration Court of Appeal of May 23, 2016 No 09AP-17574/16, retrieved from: https://base.garant.ru/61331067/.

  5. 5.

    California Consumer Privacy Act of 2018. retrieved from: https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?division=3.&part=4.&lawCode=CIV&title=1.81.5.

  6. 6.

    S.3300—Data Protection Act of 2020, retrieved from: https://www.congress.gov/bill/116th-congress/senate-bill/3300.

  7. 7.

    Decision of the Russian Arbitration Court of the North-Western District, April 2, 2018 No A44-745/2017.

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Authors and Affiliations

  1. Department of Commercial Law, Saint-Petersburg University, Saint-Peterburg, Russia

    Aleksandr P. Alekseenko

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  1. Aleksandr P. Alekseenko
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Correspondence to Aleksandr P. Alekseenko .

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Editors and Affiliations

  1. Meta Intelligence, Kaohsiung, Taiwan

    Hung-Yi Chen

  2. Faculty of Law, Thammasat University, Bangkok, Thailand

    Pawee Jenweeranon

  3. School of Business, Monash University Malaysia, Kuala Lumpur, Malaysia

    Nafis Alam

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Alekseenko, A.P. (2022). Privacy, Data Protection, and Public Interest Considerations for Fintech. In: Chen, HY., Jenweeranon, P., Alam, N. (eds) Global Perspectives in FinTech. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-11954-5_3

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  • DOI: https://doi.org/10.1007/978-3-031-11954-5_3

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