Algorithm-driven information gatekeepers: conflicts of interest in the digital platform business models

This chapter explores the increasing adoption of platform business models in the banking and financial sector. Digital platforms operate in two-sided markets where they deal with both users of content and commercial customers that have diverging interests. This study examines how the law and regulation shall apprehend the related issue of conflicts of interest. It is argued that digital platforms perform a gatekeeping function by playing a role as information intermediaries. Challenges are posed to corporate governance. Amending the legal and regulatory framework is necessary to the extent that existing mechanisms fail to protect important stakeholders that are beneficiaries of information

Conclusion to <i>Data governance in AI, Fintech and Legaltech: Law and Regulation in the Financial Sector</i>

This chapter provides a summary of the research findings and concludes. In a nutshell, the chapters in this edited book have surveyed the current law and regulation relating to data governance. They have tackled the issues relating to the digital transformation of the financial sector in the broad sense. Accordingly, the authors have developed original insights about financial technologies (FinTech), legal technologies (LegalTech) and insurance technologies (InsurTech). As pointed out in the book, data governance encompasses the process of managing the availability, quality, accuracy, usability and security of data. Whilst data governance is a cross-functional topic, the book has covered it from the perspective of the banking and financial sector. With respect to the technologies, the contributions have laid emphasis on the use of blockchain, Internet of Things (IoT), Big Data technologies, Machine Learning (ML) and other forms of Artificial Intelligence (AI). The chapters have examined the existing legal and regulatory regimes in several jurisdictions, including the European Union, Japan, Singapore, the United Kingdom and the United States