Regulatory Alerts2019-05-03
Added · Updated
Use of Personal Data in Fintech Development
The Hong Kong Monetary Authority issued this circular to encourage authorized institutions to adopt the Privacy Commissioner for Personal Data's Ethical Accountability Framework for fintech development. The regulator highlights the importance of data ethics and stewardship, recommending the implementation of specific oversight models and privacy-by-design principles to address customer privacy concerns. This guidance aims to enhance consumer trust in digital financial services as the banking sector increasingly collects and utilizes personal data.