In a statement on Wednesday, Yi Gang, the Governor of China’s central bank, the People’s Bank of China, said, Beijing will strengthen personal protections in the financial technology sector to curb unauthorised data collection and abuses.
Beijing aims to provide a legal framework for the sector and asked countries to jointly set standards for personal data protection, said Yi Gang in a video conference at Hong Kong’s Fintech week.
“Data protection is high on the central bank’s agenda,” said Yi while 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,” said Yi.
“China has preliminarily established a legal system for personal data protection and government departments will implement supervision,” said Yi.
He also mentioned, “China should promote reasonable data usage and make transactions more convenient, so as to enable tech innovation”.