Application of artificial intelligence in metaverse: evaluating new challenges on personal data protection in relation to financial system

Sautunnida, Lia and Mohd. Zain, Nor Razinah and Mohamed Zaki, Izura Masdina and Yahya, Azhari (2022) Application of artificial intelligence in metaverse: evaluating new challenges on personal data protection in relation to financial system. In: 10th ASEAN International Conference on Islamic Finance 2022 (AICIF-10): The Role of Islamic Banking and Islamic Social Finance for Economic Sustainability, 6th to 8th December 2022, Double Tree by Hilton Kuala Lumpur, Malaysia. (Unpublished)

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Abstract

This article aims to examine and evaluate new challenges of personal data protection in the financial system as a result of the application of artificial intelligence in metaverse. This evaluation is critical since this advanced technology is yet to be regulated by the relevant financial authorities. Nowadays, there are already a number of issues relating to personal data protection in the financial system which needed comprehensive resolutions. In this research, qualitative and normative legal research methods are referred to and used. Additionally, content analysis from literature review and descriptive analysis are utilised in the course of finding relevant data. From this research, it is discovered that there is the possibility that the application of metaverse and artificial intelligence may decrease the level of privacy and protection on personal data of users. At the same time, they can cause a substantial impact and influence for a long-term economic sustainability, especially within the financial system. Furthermore, there is no available laws and policy that are in place to regulate matters of privacy and personal data protection when come to the application of artificial intelligence as well as in the metaverse. This research also highlights the legal approaches that are taken by the European Unions (EU) in dealing with the application of artificial intelligence.

Item Type:	Conference or Workshop Item (Slide Presentation)
Uncontrolled Keywords:	Financial system, metaverse, artificial intelligence, personal data protection, Islamic finance
Subjects:	BPH Islamic Economics K Law > K Law (General) K Law > K559 Comparative Law
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Asst. Prof Nor Razinah Mohd. Zain
Date Deposited:	10 Jan 2023 16:19
Last Modified:	10 Jan 2023 16:19
URI:	http://irep.iium.edu.my/id/eprint/102967

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