Fintech, Consumer Right, and Cross-Border Regulations in China and Australia

The rapid growth of the Fintech industry, commonly referred as ‘Internet finance’, poses great challenges to financial regulatory authorities in China and Australia. The Chinese government has shifted from a wait-and-see strategy to a whack-a-mole game, imposed strict Internet finance regulation, and enhanced consumer right protection. On 9 May 2018 the Australian government committed to implement the Consumer Data Right to give Australians greater control over their data. The Right will be implemented initially in the banking (Open Banking). This distinctive panel jointly sponsored by the China Studies Centre and the Centre for Asian and Pacific Law at the Sydney Law School, this panel will explore the interplay between Fintech, consumer right protection, and cross-border regulations in China and Australia, especially the following issues:

• Fintech business models and the international market space
• Present the regulatory policy changes of the Fintech industry in China, and suggestions to restructure and optimize the regulatory system and the regulatory model
• Discuss the new CDR regime, in particular as it will apply to the financial services sector and what FinTechs will need to do to benefit from this new “open banking” environment
• Compare aspects of the Chinese law applying to FinTechs with Australian legal requirements

First speaker

Xu Duoqi, PhD., Professor of Law, Fudan Law School

Xu Duoqi, PhD., Professor of Law, Fudan Law School, Affiliated professor of Shanghai Advanced Finance Institute, Dawn Scholar of Shanghai, one of Ten Young Jurists of Shanghai in 2012. Professor Xu was a senior visiting Scholar of Fulbright Program at Harvard University in the United States from August 2016 to July 2017, a visiting scholar of Hauser Global Program at New York University from August 2008 to September 2009. Professor Xu is the founder and chief editor of Internet Finance Law Review, and the executive council member of China Law Association on Science and Technology, the vice-director of Financial and Tax Law and Fiscal Investment and Loan Commission of Chinese Tax and Fiscal law, the deputy chairperson of the Financial Law Research Association of Shanghai, the academy of honor in AIIFL of the University of Hong Kong, the Commissioner of ITLA.

Second speaker

Alec Christie, Partner of Mills Oakley

Alec is the founding partner and leader of Digital Law (including Data Privacy) at Mills Oakley with over 29 years’ experience. He has a diverse cross-border Asia Pacific practice with an emphasis on solutions in the areas of data privacy/cyber security, information (including Big Data analytics and IoT), e-commerce (including online marketing), Blockchain, smart contracts and distributed ledgers, Cloud computing, sourcing and open source software in the financial services sector in particular. Since 2013 Alec has been selected as one of the Leading Information Technology lawyers in Australia (and the world) by Who’s Who Legal and described as a ‘distinguished practitioner… lauded by clients for his excellent advisory work in… privacy’. Alec is also recognised by BestLawyers Australia as one of the best (i) Privacy and Data Security Law and (ii) Outsourcing Law lawyers in Australia. Recently Alec has been appointed as a Senior Member of the NSW Civil and Administrative Tribunal focussing on the privacy and freedom of information jurisdiction of the Tribunal.

Third speaker

Associate Professor Jie (Jeanne) Huang, Sydney Law School

Dr. Jeanne Huang is an associate professor at the University of Sydney Law School. She teaches and researches in the fields of law for digital trade, private international law, international investment law, international litigation and arbitration, and underwater cultural heritage protection. She serves as an Arbitrator at the Hong Kong International Arbitration Centre, Shanghai International Economic and Trade Arbitration Commission (Shanghai International Arbitration Centre), Nanjing Arbitration Commission and Xi’an Arbitration Commission.

Fourth speaker

Dr Eva Huang, Lecturer, Sydney Business School

Dr Eva Huang is a cross disciplinary researcher, her work crosses law, economics, social policy and technological innovations. Eva’s research interest is in regulating alternative finance and internet finance, financial innovation – especially Fintech and Regtech, and comparative fiscal policy and taxation law. The jurisdictions Eva focuses on are China, Australia, the United Kingdom and New Zealand. Eva has close collaborative relationships with leading institutions in her fields of research. She is a Research Affiliate of the Cambridge Centre for Alternative Finance based at the University of Cambridge Judge Business School. Eva has a long-standing relationship with Xiamen University, a 985 project University and an acknowledged leader in tax research and teaching in China. Eva also has close collaborative relationships with the Academy of Internet Finance at Zhejiang University, Fudan University and Shanghai Jiaotong University.

Moderator: David Marcus, Head of Privacy Asia Pacific, State Street

David Marcus is the Head of Privacy for Asia Pacific at State Street. David has over 10 years of experience in the public and private sector including as a consultant for the United Nations. He advises on a range of issues including cross border laws, new technologies, breach management and project design.

CPD Points: 1.5

Location: The University of Sydney, 156 City Road, Darlington – Jane Foss Russell Building (G02), Level 7, Meeting Room 708 (turn left after exiting lift, then walk through the glass door, keep going straight to the end of the hallway)

[wpgmza id=”6″]