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Justice in Big Data Conference
1. „Big Data: Seizing the Opporutinities,
Preserving the Values”
with use cases in Financial Technology
Trinh Anh Tuan
Head of Corvinus Fintech Center
Justice in Big Data Conference
Budapest, Central European University, November 30 – December 1 2017
6. Ten questions for future regulation of Big Data
What is the
definition of Big
Data?
Is Big Data an
independent
phenomenon?
Big Data: fact or
fiction?
What is the scope of
Big Data?
What are the
opportunities in Big
Data?
What are the
dangers of Big Data?
Are the current laws
and regulations
applicable to Big
Data?
Is there a need for a
new legislation for
Big Data?
What concept should
be central in Big Data
regulation?
How should the
responsibilities be
distributed
7. Big Data and FinTech
• Big Data
Instead of starting with a hypothesis and then carefully collecting data
to validate it, collect all possible data and then look for any patterns
that might emerge.
• FinTech
Innovative business models and technology to enable, enhance, and
disrupt financial services.
• How to Regulate?
8. Regulatory frameworks: state of the art
• US
• ECOA: Equal Credit Opportunity Act
• FCRA: Fair Credit Reporting Act
• UDAAP: Unfair, Deceptive, or Abusive Acts and Practices
Panel 1 „Use of big data on the market: revolutionizing fairness by the private sector”
• EU
• PSD2: Revised Payment Service Directive
• GDPR: General Data Protection Regulation
• MiFID II: Markets in Financial Instruments Directive
• China
• Big Data regulation focuses on Healthcare (first ever in 2017) and Governance
• Singapore
• PDPA: Personal Data Protection Act
• „Big Data Sandbox”