June 23, 2022

China calls for appropriate use of data and stronger protection of personal data

China’s central bank calls for more equitable use of data. / CFP

China’s central bank calls for more equitable use of data. / CFP

China’s central bank governor Yi Gang on Wednesday called for more equitable use of data for the protection of personal information.

Speaking to Hong Kong FinTech Week 2021 via video link, Yi said protecting personal data is a priority for the People’s Bank of China (PBOC).

He noted that the problem has come to the fore amid the rapid development of fintech.

Some big tech companies have collected data without authorization or misused it, and there are also cases of customer data leaks, Yi said. “There is an urgent need to strengthen the protection of personal data,” he said.

Since 2005, the PBOC has introduced data protection regulations in the areas of anti-money laundering, consumer protection and credit information.

“China implemented the Data Security Law and the Personal Information Protection Law respectively in June and August this year, and the legal system for the protection of personal information was initially established,” said declared Yi.

The PBOC has recently focused on cracking down on excessive collection of consumer data, urging financial institutions to collect, use and store information for legitimate purposes and in strict compliance with the principles of legality and minimum necessity, did he declare.

International coordination in areas such as antitrust, data and consumer protection should be strengthened, he said, calling for “joining hands” to establish standards for the protection of personal data.

“In the future, we will continue to improve the legal framework for the protection of personal data in the financial sector and strengthen regulations accordingly,” said Yi.

Read more:

Safer digital life: China implements first personal data protection law

Source (s): Xinhua News Agency


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