Asia’s virtual banks need regulator oversight to guard data, BIS says

  • eWallet
  • Friday, 28 Jan 2022

Regulators will need to ensure banking customers' data is protected as virtual banking generates much more data on customers. which can be used by other financial institutions. — AFP

The rise of virtual banking across the Asia region will boost financial inclusion, but regulators will need to ensure consumer data is protected, according to a new paper from the Bank for International Settlements.

Although access to bank accounts is increasing, the use of the financial system to save and borrow is low both for developing economies and those with high levels of income and education, a gap that can be closed by technology, according to research from the BIS.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Tech News

Japan sushi chain sues teen RM2.21mil for soy-sauce licking prank
Apple, Amazon must face consumer lawsuit over iPhone, iPad prices - US judge
White House says Tesla chargers available for federal dollars as long as they include CCS
EU antitrust regulators approve Vivendi, Lagardere deal
Factbox-Jefferies sees AI fuelling next wave of innovation in oil and gas sector
Robinhood Markets removes three crypto tokens
Netflix sign-ups jump as U.S. password sharing crackdown kicks off - data
Indian scooter maker Ola Electric to kick off investor meet on IPO plans- sources
Activision intervenes in Microsoft challenge to UK regulator's block
'AI doctor' better at predicting patient outcomes, including death

Others Also Read