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Fintech Market Overview

This article does not constitute legal advice.

Artificial intelligence in financial products

Fintech Software

Currently, artificial intelligence (AI) is used for several financial services, including for credit scoring, risk management, wealth management, algorithmic trading and transactions. Further, third-party administrators in the health insurance arena employ the use of AI for automated risk assessment and claim adjudication, while technology service providers are developing smart contracts for health insurance settlements. However, there are no dedicated policies or governance structures regarding AI in India. To address this, consultation papers have been issued by regulators in the space of robotic financial advisers, consumer protection, data privacy and security. In this regard, it is pertinent to note that there are specific risks attracted when third-party websites carry out detailed comparisons and host advertisements of robo-advisers, in the domain of investment and trading advice, as this practice could potentially lead to the contravention of competition, consumer protection and intellectual property laws of India.1

Data protection in India

Fintech in India

Fintech in other countries

Let's introduce you

Indian Fintech Lawyers

Denis Polyakov

Denis Polyakov

Comprehensive legal services for businesses on corporate, tax law, cryptocurrency legislation, investment activities

Kristina Berkes

Kristina Berkes

Participation as a lawyer at investment venture funds, leading venture M&A deals in IT, supporting iGaming and business assets

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/india
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