CRITICAL ANALYSIS OF ROLE OF DATA PROTECTION IN THE GROWTH OF FINTECH AT GLOBAL REGIME INCLUDING INDIA

Abstract

With a particular emphasis on India, this critical analysis investigates the part that data protection has played in the expansion of the global fintech sector. The protection of data is increasingly important as fintech continues to transform the financial industry in order to uphold trust, protect privacy, and promote innovation. The goal of the study is to determine how data protection laws and regulations affect the development of fintech businesses and their operations around the world, with a focus on India. The analysis starts off by outlining key laws in significant jurisdictions and giving an overview of global data protection frameworks. Additionally, it explores the unique data protection laws in India and talks about how they apply to the fintech sector. The study goes on to identify and investigate the difficulties cross-border data transfers present for fintech companies in maintaining data security and compliance with data protection laws. The analysis also emphasizes the advantages of strong data protection practices in fintech, including trust-building, improving customer experience, and risk-mitigation. It looks at how data protection has affected the development of the fintech sector, including how businesses have adopted data protection practices, investment trends, and market expansion. The study also includes case studies that highlight effective data protection practices in fintech and look at the difficulties businesses face when putting such practices in place. It looks at how regulators and data protection authorities oversee compliance and encourage cooperation between regulators and the fintech sector. The study emphasizes the value of international cooperation and the harmonization of data protection laws and offers recommendations for improving data protection in the fintech industry based on its findings. In order to promote sustainable growth and innovation in the global fintech landscape, particularly in India, the analysis's conclusion highlights the crucial role that data protection plays in this country.

Keywords: Global regime, Fintech, protection laws, and data protection.