Type to search

China To Boost Personal Data Protection In Fintech: PBOC

People’s Bank of China Governor Yi Gang says Beijing will improve legal frameworks and countries should jointly set standards for personal data protection

Yi Gang
PBOC governor Yi Gang noted that prices of commodities, food and housing are soaring worldwide and the Ukraine war has added even more momentum to global inflation. Photo: Reuters.


China will strengthen personal protections in the financial technology sector to curb unauthorised data collection and abuses, the country’s central bank chief said on Wednesday.

Beijing will improve the legal frameworks in the sector and countries should jointly set standards for personal data protection, People’s Bank of China Governor Yi Gang said via video at the Hong Kong Fintech Week.

Data protection is high on the central bank’s agenda, Yi said, 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,” Yi said.

China has preliminarily established a legal system for personal data protection and government departments will implement supervision, Yi said.

At the same time, he added said China should promote reasonable data usage and make transactions more convenient, so as to enable tech innovation.

China has launched a flurry of crackdowns targeting sectors ranging from technology to cryptocurrency and after-school tuition over the past year.


  • Reuters with additional editing by Jim Pollard




China Tech Crackdown Seen ‘Just Getting Started’ on Data

China Develops Machines That Can Track Data Sent Abroad By Cars

China Tech Shares Slump as New Personal Data Law Alarms Investors




Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.


AF China Bond