Privacy Regulation, AI, Contactless Payments Among 2021’s Key Themes: Oxygen
Will fintechs disrupt traditional banking in 2021?
With contactless and digital payments now being the norm, Oxygen Banking predicts that neobanks will dominate and traditional financial institutions will look to startups to help compete in this new reality.
Oxygen Banking is a modern financial platform specifically designed to meet the unique needs of freelancers, small businesses, and digital natives. Just this week, they announced research about how COVID has impacted the shopping behaviors of people this holiday season.
Oxygen’s team of experts used their knowledge of the field to forecast the future of the financial services industry for this coming year and beyond.
Among the challenges presented by the increasing number of state privacy laws are identifying how consumer rights differ under each of the various laws and operationalizing a workflow .
On March 4, the Oklahoma Computer Data Privacy Act (HB 1602) passed the state House of Representatives by a vote of 85-11. If enacted in its current form, the bill would take effect on January 1, 2023
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The Florida state legislature is considering a sweeping data
privacy bill introduced by Governor Ron DeSantis in February.
House Bill 969 is the latest state provision to follow in the
footsteps of the California Consumer Privacy Act
( CCPA ), the California Privacy Rights Act and the
Virginia Consumer Data Protection Act, in giving consumers greater
control over how their personal information is used while imposing
greater restrictions on companies use of that data.
Similar to the California and Virginia laws, the Florida bill
would apply to most for-profit entities that do business in Florida
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In what could be a harbinger of the future regulation of artificial intelligence (AI) in the United States, the European Commission published its recent proposal for regulation of AI systems. The proposal is part of the European Commission’s larger European strategy for data, which seeks to “defend and promote European values and rights in how we design, make and deploy technology in the economy.” To this end, the proposed regulation attempts to address the potential risks that AI systems pose to the health, safety, and fundamental rights of Europeans caused by AI systems.