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Technology
3 Nov 2021
China’s Fintech Sector to Improve Personal Data Protection
The Index Today
China’s Central Bank has announced plans to improve and strengthen personal protections in the country’s Fintech sector and help reduce data misuse and authorization collection of information.
The legal frameworks for the financial sector will undergo improvements and build new standards which would aid in data protection. Peoples bank of China Governor Yi Gang said during a video call that other countries should also join in and set standards for the protection of data. He said, “Going forward, we will continue to improve the legal system for personal information protection in the financial sector and strengthen regulation accordingly.”
China previously created a legal system to protect data where all government sectors will be required to supervise and regulate. The country recently clamped down on its technology sector and banned trading of cryptocurrency.
