Summary #982

India rolls out financial data protection systems more sophisticated than in the West

bloomberg.com
  • Financial institutions in India are rolling out data protection systems that aim to give consumers and businesses complete control over their financial data.
  • Essentially, one will have a joint account that accumulates all of one’s financial info, and will be able to choose which data to share with an institution.
  • Whereas in the West, it’s the other way around - we don’t know how much, or what kind of data institutions have about us, and we can’t control how they use it.
  • The main challenge in introducing the system will be to help Indians understand it, as much of the population is poorly educated.

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