Regulation of the digital economy has become a priority for governments across the globe at a time when technology and data are more critical than ever. There is a wave of regulation and reform which will shape digital markets: imposing more responsibility and greater liability on tech platforms, granting individuals more rights and protection mechanisms, and providing regulators with greater powers. Understanding how and where regulators may intervene is crucial to developing a coherent digital strategy in the markets where businesses operate.
Online retailers and marketplaces are seizing opportunities to develop their payments capabilities. Regulation is a key consideration, in particular when designing new products and when moving into new markets. While there are many and varied regulatory developments in the sector, we focus on four global macro trends of relevance to payment market participants in Asia and Europe.
Across the globe digital advertising spend continues to grow and the AdTech industry is under continued scrutiny from competition and privacy regulators in the EU, the U.S. and the UK. There have been calls for fundamental change to the way the industry operates, and new legislation is coming. Businesses need to stay on top of the shifting regulatory environment and adapt their strategies.
A consensus has emerged in recent years that more needs to be done to combat “online harms”. Governments across the globe looking to replace the current patchwork of discrete laws and voluntary initiatives with more holistic regulation. However there is no consensus as to how the end goal can be achieved and different regimes are emerging. Global services therefore face a very real challenge to ensure that they comply with the varying requirements whilst also maintaining a consistent user experience across the globe.