Personal Data Protection in Financial Technology (FINTECH) : A Proposition to Indonesia by Referencing France Legal Framework

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New technologies are changing the financial industries and the way consumers and firms’ access services, creating opportunities for Fintech-based solutions to provide better access to finance and to improve financial inclusion for digitally connected citizens. However, with the weak regulations and policies as well as the manufacturers’ lack of good faith, this convenience should be a severe threat to consumers, especially about their privacy. France is in the process of adjusting and designing rules related to PSD2 and GDPR, along with the course of this research. Indeed, Indonesian society assumed that their personal data not as a part of privacy and human rights, which must be protected. For example, until today, Indonesia does not have any legislation that specifically regulates the protection of personal data. Hence, with the increase of internet user in Indonesia, the more easily to expose any personal data through the internet, thus the ease of misuse such data may arise. And this data can be easily used by Fintech sector to offer better, more reliable services and products for all clients but also to decrease the risks at which banking institutions and alternative financial institutions exposed. This thesis applied normative legal methodology by comparing France and Indonesia legal framework toward privacy and Fintech in the digital age. Today, this Fintech companies as a platform (internet-based) business banking provide their services free-of-charge and in exchange, commercialise the data they collect on their users. In future, however, the data subjects might become increasingly aware of the value of their personal data and use them accordingly. Alongside the economic amount of personal data, the public position concerning privacy protection is of particular interest.

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