Cross-Border Data Governance and Privacy Laws

Abstract

The term data governance has been considered as a discipline that shapes how data can be protected, managed, and used by fintech institutions. This has been included in the different policies regarding regulatory and technical or institutional provisions affecting the data cycle. Throughout the discussion with Artificial Intelligence (AI) and data ethics, the newer data regulations stated with the personal data emergency. In Europe, it is known as the “General Data Protection Regulation” (GDPR) while in the United States, it is known as the “California Consumer Privacy Act”. Therefore, the European Union is also bringing multiple regulations in consideration of the ethical application and AI. Regulators are engaging actively through consultative processes, and public interests for shaping preferred regulations towards the application of AI and big data into financial services. Henceforth most of the fintech companies are proactively participating in these regulatory management efforts (Shrier, & Pentland, 2022). These companies are found there not waiting for any enforcement letter from the regulator rather the organisational team is being deployed for sharing the data governance plan with governments. In sharing and undressing concerns, they are helping in developing capacity among the government agencies for fostering more informed regulations.