Grace Chong discusses innovation, developments and challenges in ALB fintech article

04 Jul 2024

Grace Chong recently shared her views on fintech innovation in an Asian Legal Business article on the significant developments and regulatory playbooks in the industry, particularly with the integration of artificial intelligence.

Grace shared her insights on the challenges and trends in the fintech industry amidst volatile market landscapes in Southeast Asia. Stressing various hurdles fintech startups face, she emphasised the importance of robust consumer protection frameworks, encompassing data privacy, transparency, and fair treatment, as essential for compliance.

She highlighted that “fintech companies must invest in advanced cybersecurity measures and develop comprehensive data management policies to meet stringent regulatory demands, which can be resource-intensive and complex to implement”.

Grace also noted the growing trend of digital tokenisation, particularly of real-world assets like real estate and art, which enhances liquidity and democratises access to high-value assets. She recognised the transformative impact of AI in fintech, being used for fraud detection, personalised services, and risk management and pointed out the need to address challenges related to data proliferation and ethical application.

Grace added that, “financial institutions also need to have robust contingency plans and clear accountability frameworks to ensure resilience and regulatory compliance”.

You may read the full article here.