Kuala LUMPUR, May 23 (Bernama) -- Delegates at a conference today emphasised the importance of data, use and misuse of the data and their vitality in decision-making.
Financial Services Professional Board (FSPB) Chairman Tan Sri Mohd Munir Abdul Majid said data can now be misused and this could cost big debates not in the financial context but in a political context.
He said the data could be used to make decisions but stressed that regulators need to have the right to use the data while the people must be aware that their data are being used.
"For example, how results can be obtained from data in the United States and in the United Kingdom (Brexit). We should follow the regulatory tug-of-war now going on with the FAANG (Facebook, Apple, Amazon, Netflix and Google) in Europe and America.
"They are not without relevance to us in the financial services industry. If before it could perhaps be argued, Cash is King, we are entering a world where Data is King, " he told a press conference after the Business Ethics Conference 2018 jointly organised by FSPB and the Asian Institute of Finance here today.....