Regulatory Alerts2024-06-28
Added · Updated
Standard Contract for Cross-boundary Flow of Personal Information involving Transfer of Credit Data through Credit Reference Agencies
The Hong Kong Monetary Authority directs Authorized Institutions participating in the Guangdong-Hong Kong-Macao Greater Bay Area pilot to utilize the Standard Contract for the cross-boundary flow of consumer and commercial credit data via Credit Reference Agencies. This measure aims to reduce compliance costs and facilitate the orderly sharing of personal information while fostering the regional digital economy. Participants must strictly adhere to the Personal Data (Privacy) Ordinance, relevant Privacy Commissioner codes, and specific Supervisory Policy Manual modules to ensure data security and confidentiality.
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