Several Aspects of Regulating Financial Technology (Fintech)

By: Sonny Zulhuda

IMG_20191007_221021_242Minggu ini saya diminta bicara di Seminar International tentang Fintech di 3rd International Conference on Islamic Epistemology (ICIE) 2019 Indonesia di Universitas Al-Azhar Indonesia (UAI) Jakarta, Indonesia.

Di antara key points yang akan saya sampaikan adalah:

1. Fintech (Financial Technology) adalah inovasi yang harus dijaga (bukan malah dihalang-halangi) oleh regulasi.

2. Fintech tidak tumbuh dalam ruang nir-regulasi (legal vacuum) oleh karena itu masih harus taat terhadap aturan main yang ada.

3. Pengaturan Fintech perlu hati-hati, sinergis dan technology-neutral, jika tidak maka regulasi akan kounter produktif dan fintek layu sebelum berkembang.

4. Layaknya mengatur produk-produk teknologi, mengatur fintek perlu memadukan berbagai aspek termasuk norma, pasar, arsitektur dan juga kode/pengaturan.

5. Terakhir, kita perlu awas terhadap ruang-ruang samar (blindspot) dalam pengaturan data fintek.

DOKUMEN PAPARAN/SLIDES bisa diunduh disini ICIE UAI 2019

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15705050726624888919158111138120Terimakasih kepada penyelenggara seminar UAI dan IIIT yang telah mengundang saya untuk berbagi.

Beberapa slides dibawah didapati dari presentasi Pembicara kunci dari Otoritas Jasa Keuangan (OJK) Indonesia:

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IMG_20191008_102848Nasrun minallah wa fathun qarib. Semoga bermanfaat.

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The Rule of Law, Democracy and Human Rights: New Norm on Data Protection

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Saatnya Indonesia Memiliki UU Perlindungan Data Pribadi

By: Sonny Zulhuda

jual beli data pribadi4

Ada tiga hal yang memerlukan jawaban kita:

  1. Data Pribadi warga Indonesia semakin terekspos, disalahgunakan, dieksploitasi oleh kerakusan dan ketamakan penggiat Big Data.
  2. Data Pribadi warga Indonesia menjadi bulan-bulanan mereka yang tidak akan berhenti mengeksploitasi sumber dan kekuatan ekonomi Indonesia
  3. Data Pribadi warga Indonesia yang menjadi makanan sehari-hari media sosial, teknologi intrusif dan juga para kriminal yang sewaktu-waktu akan menerkam kita.

Dimana perlindungannya hukumnya? Disinilah signifikansinya UU Perlindungan Data Pribadi (Personal Data Protection Law).

Apa saja sebenarnya yang hendak diatur dan dilindungi dalam UU tersebut? Apa hak-hak individu terhadap datanya sendiri? Apa batasan yang dikenakan bagi mereka yang ingin menggunakan data pribadi orang lain, baik untuk kepentingan bisnis maupun lainnya?

Ini di antara pokok pikiran yang tertuang dalam presentasi saya di Universitas Muhammadiyah Purwokerto, 21 September 2019. Bagi para peserta, silakan mengunduh materi SLIDES disini: >> Hukum Data Pribadi UMP 210919

Dalam Seminar Nasional yang diselenggarakan oleh Fakultas Hukum UM Purwokerto ini, selain saya, ada sahabat saya yang juga akan ikut urun rembuk, yaitu Dr. Iwan Satriawan dari FH UMY dan Mas Bayu Setaiawan, S.H, M.H., dari FH UM Purwokerto. Selain itu juga ada Sdr Teguh Arifiyadi, S.H., M.H.

Semoga kesempatan silaturahim dan urun pikiran ini dapat kita manfaatkan bersama. Terimakasih Bapak Rektor Dr. Anjar Nugroho dan Ibu Dekan Susilo Wardana, SH., SE., M.Hum. atas kesempatan yang diberikan kepada saya.

Nashrun minallah wa fathun qariib.

UMP Seminar

Cryptocurrencies and Anti-money Laundering Laws: The Need for an Integrated Approach

By: Sonny Zulhuda

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My latest book chapter co-worked with my colleague Dr Mohd Yazid Zul Kepli who also led the project.

“Cryptocurrencies and Anti-money Laundering Laws: The Need for an Integrated Approach”

This chapter attempts to clarify and describe the legal and regulatory framework for cryptocurrency with special focus on Malaysia and the threats that it poses from the anti-money laundering perspective.

Currently, very few countries have legislations that regulate cryptocurrency. Nonetheless, the crazy surge in prices (to more than 20-folds at some point) has sent both legitimate investors and criminals flocking to cryptocurrencies.

This chapter analyses and compares the official reports from various governments, writings of government officials, experts and scholars in journals and newspapers, interviews and draws conclusions on the legal framework of cryptocurrency, and money laundering challenges.

The study notes that the decision of the US regulators in allowing Bitcoin futures to trade on major exchanges to be one of the reasons behind the sudden surge. The study also finds that the South Korean regulators’ approach in banning its financial institutions from dealing with virtual currency is a positive one.

The chapter stresses that it is not adequate for regulators to warn the public to act with extreme caution and increase their understanding on the risks they take on if they choose to invest in cryptocurrencies. Instead, it is necessary to have comprehensive international and national laws and regulations for the control and management of cryptocurrencies. In addition, the anti-money laundering legal framework must be improved to cater to the new threats posed by cryptocurrency.

Citation:

Kepli, M. and Zulhuda, S. (2019), “Cryptocurrencies and Anti-money Laundering Laws: The Need for an Integrated Approach”, Oseni, U., Hassan, M. and Hassan, R. (Ed.) Emerging Issues in Islamic Finance Law and Practice in Malaysia, Emerald Publishing Limited, pp. 247-263. https://doi.org/10.1108/978-1-78973-545-120191020

International Conference on Community Development (ICCD) 2019

By: Sonny Zulhuda

IMG_20190724_112400_1This ICCD Annual Conference 2019 is the sixth edition as a yearly academic activity held by the Association of Muslim Community in ASEAN (AMCA).

This edition it takes place in Bandar Seri Begawan, Brunei Darussalam.

IMG_20190724_091408The opening of the Conference was officiated by HE Dr Sudjatmiko the Ambassador of the Republic of Indonesia in Brunei Darussalam.

In his speech, the Ambassador congratulates the organisers and highly hopes that the participants would come up with concrete answers or proposals to many problems faced by people today.

In this Conference I will deliver a keynote inshaAllah.

WORKSHOP ON CYBERCRIME AT THE IAIN PADANGSIDIMPUAN

By Sonny Zulhuda

I have an honour to deliver on cyberlaw and cybwr crimes as part of legal curriculum development at IAIN Padangsidimpuan, North Sumatera, Indonesia.

The event is aimed at sharing with the lecturers from the Faculty of Syariah and Law so as to integrate the cyberlaw issues into the curriculum. This is to answer the challenges of the Industrial Revolution 4.0.

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The Rector Prof Dr Ibrahim Siregar opened the forum with an impressive message for all the participants.

In his speech, Prof Ibrahim encourages all the staff to pursue higher studies including achieving the professorship.

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Kudos for IAIN PADANGSIDIMPUAN!

The Blue Oceans for the Data Protection Officers (DPO)

By: Sonny Zulhuda

I recently concluded my talk at this event called Data Protection Excellence Network Forum 2019 upon invitation by Singapore Management University (SMU) and Straits Interactive on Tuesday this week (11/6/2019).

Featured together in the opening panel session with me were Commissioner Raymund Enriquez Liboro (Chairman of the Philippines National Privacy Commission), Dr Yudhistira Nugraha (Ministry of Communications and Informatics of Indonesia) and Kevin Shepherdson (Straits Interactive Singapore) discussing the trends and challenges of data protection law in the region and the new market demands for Data Protection Officers (DPO). The event with over hundred attendees were officiated by Dr Lim Lai Cheng who is the Executive Director of the SMU Academy.

Each of us spoke about the regional development of the data protection laws in Malaysia, Philippines, Indonesia and Singapore respectively.

Malaysia had first enacted the law in 2010. Both the Philippines and Singapore followed the suit in 2012. Indonesia is currently preparing a draft bill and is expected to legislate by next year (2020). In term of enforcement, Singapore has recorded dozens of imposition of fines and notices against contravention of their personal data protection law. Meanwhile, the Philippines may only expect enforcement to begin next year in 2020.

In Malaysia, efforts to implement the law come in a combination of prosecution, inspection, establishment of codes of practices as well as public education.

There are in Malaysia at least five successful prosecutions of data users who contravened the PDPA 2010. Besides, it was noted that six sectoral data fora had registered their Codes of Practices (COP) including the banking and insurance sectors, electricity, telecommunications, aviation, and legal services.

In 2018 alone, the office of PDP Commissioner has carried out at least 57 inspections on data users nationwide. Empowered under section 101 of the PDPA 2010, such inspection is meant to promote the compliance of the law while trying to correct and improve the practices by data users in term of processing personal data.

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There is one interesting finding from the talk session. Each of the four countries commonly view that it is necessary legally for the data users to appoint a Data Protection Officer, a specifically designated high-level official to oversee the increasing challenges of data governance. Singapore and the Philippines have this in their laws. Indonesian draft bill includes this. And Malaysian government looks out to consider this matter in their ongoing review of the law.

This DPO is a blend of new skill. Straits Interactive noted that each lawyers and IT professionals make up to about 30% of the DPOs. Others come from business managers, HR, accountants, marketing as well as others. Therefore there is now an emerging need to somehow standardise the skill, hence the need for certifications. The good news is, this skill is acquirable.

In that Forum crowded by more than hundred of data users and data protection professionals from Singapore and the region, the demand for this market could not be overstated. It is simply obvious and there to grab.

So the ultimate message we had for all the lawyers, IT professionals and virtually everyone.. Is that there is a blue ocean in front of us now for the highly demanded data protection professionals. Let us swim there!

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