Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

China to strengthen personal data protection in fintech sector – central bank head

2021 11 03T032241Z 3 LYNXMPEHA202S RTROPTP 4 IMF WORLDBANK CHINA - Global Banking | Finance

BEIJING (Reuters) -China will strengthen personal protections in the financial technology sector to curb unauthorised data collection and abuses, the country’s central bank chief said on Wednesday.

Beijing will improve the legal frameworks in the sector and countries should jointly set standards for personal data protection, People’s Bank of China Governor Yi Gang said via video at the Hong Kong Fintech week.

Data protection is high on the central bank‘s agenda, Yi said, adding that some big tech companies have collected customers’ data without permission or misused such data.

“Going forward, we will continue to improve the legal system for personal information protection in the financial sector and strengthen regulation accordingly,” Yi said.

China has preliminarily established a legal system for personal data protection and government departments will implement supervision, Yi said.

At the same time, he added said China should promote reasonable data usage and make transactions more convenient, so as to enable tech innovation.

China has launched a flurry of crackdowns targeting sectors ranging from technology to cryptocurrency and after-school tuition.

(Reporting by Beijing newsroom and Kevin Yao; Editing by Christopher Cushing and Sam Holmes)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post