Privacy in the Time of AI - Issue #453 February 1st, 2024

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In this edition of FinTech Weekly, we delve into the pressing and ever-evolving issue of privacy in the digital era, particularly as it intersects with advancements in artificial intelligence and fintech innovations.

From the challenges of integrating crypto assets with traditional banking while maintaining user confidentiality to the implementation of new privacy laws like the Personal Information Protection Act, we explore the multifaceted implications of these developments. Our comprehensive coverage includes insights into how governments, corporations, and regulatory bodies are navigating the complexities of data protection in an age where technology is rapidly advancing. We also examine the impact of AI in areas such as digital marketing and cybersecurity, highlighting the delicate balance between technological progress and the protection of individual privacy rights.

This and much more in this number of FinTech Weekly: discover top fintech news and events and stay ahead of the competition!

Top Stories

Top Events

Podcasts and Videos


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    The Bank of England and the UK Treasury have assured that user data associated with the proposed digital pound, a state-backed cryptoasset, will remain inaccessible to both the government and the central bank. This commitment to privacy and control comes amidst ongoing development, first announced by the Treasury in January 2023. The implementation of the digital pound, currently under consideration, will be accompanied by specific legislation to ensure user privacy, addressing one of the major concerns highlighted in recent consultations.


    The Office of the Privacy Commissioner in Bermuda is launching the "Road to PIPA" (Personal Information Protection Act) implementation plan, coinciding with the start of Data Privacy Week on January 29, 2024. This initiative aims to guide organizations towards compliance with PIPA, set to be officially implemented on January 1, 2025, as announced by Minister Vance Campbell. The 2024 Data Privacy Week marks the beginning of a year-long effort by the Privacy Commissioner to prepare Bermuda for the PIPA legislation, with a focus on providing comprehensive guidance to local organizations and individuals. The launch was inaugurated with a press conference.


    2024 heralds a pivotal year for digital marketing, marked by significant shifts such as Chrome phasing out third-party cookies and evolving regulatory landscapes. This change comes as consumers increasingly demand transparency in data collection and usage. Notably, a majority in Europe, reflecting IAB Europe's findings, prefer personalized advertising over paid content access, a sentiment echoed in Africa. Marketers are now urged to reassess their ad privacy strategies, moving away from traditional methods like third-party cookies towards AI and privacy-preserving technologies for predictive marketing.

    Italy's privacy regulator has imposed a €50,000 fine on the city of Trento for violating data protection laws in its AI-based street surveillance initiatives. This marks the first instance of an Italian local administration being penalized by the GPDP watchdog for improper use of AI tool data. Trento is also required to delete all data collected in the implicated European Union-funded projects.

    EquiLend, a fintech firm specializing in securities lending, reported a cybersecurity breach involving unauthorized system access, prompting a partial shutdown. The company is collaborating with external cybersecurity experts to investigate and restore services, warning clients of a multi-day resolution process. The incident, disclosed to have occurred on January 22, follows closely after private equity firm Welsh, Carson, Anderson & Stowe (WCAS) agreed to acquire a majority stake in EquiLend, which counts major financial corporations like Goldman Sachs and BlackRock Inc. among its part owners.