Sharia-Based Legal Formula For Personal Data Protection In The Financial Services Industry Post-Covid-19 Pandemic (original) (raw)
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Financial Technology and the Legal Protection of Personal Data: The Case of Malaysia and Indonesia
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The presence of digital technology brings significant changes in many aspects of human life, including the economy and financial services. The rapid development of financial technology (fintech) is being responded quickly by many countries including Indonesia and Malaysia. Not only conventional fintech, but Sharia fintech is also developing significantly in both countries. This phenomenon is caused by the efficiency and ease of fintech. However, fintech in Indonesia is not followed by a comprehensive protection of personal data. The absence of special regulation on the protection of personal data in Indonesia causes the data often be misused by certain parties such as being stolen, sold, transferred and eliminated irresponsibly causing harm to fintech users. Meanwhile, Malaysia has built a legal system of personal data protection since 2010 and becomes the first country in the ASEAN region to have a comprehensive personal data protection law system. Therefore, the article aims to ov...
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