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Chinese Online Brokers Face Data Risk: People’s Daily

US-listed Chinese online brokerages Futu Holding and UP Fintech Holding face regulatory risks as China’s new personal data privacy law takes effect on November 1.


An investor looks at an electronic board at a brokerage house in Beijing
Tokyo, Hong Kong and Mumbai were more than 2% off on Friday while Sydney, Seoul, Singapore and Taipei shed over 1%.

 

US-listed Chinese online brokerages Futu Holding and UP Fintech Holding face regulatory risks as China’s new personal data privacy law takes effect on November 1, an analysis on the official People’s Daily website said.

The brokerages, which help individuals on the Chinese mainland invest in stock markets abroad such as in the US, could violate data privacy rules and also run compliance risks, the article said.

Beijing has in recent months cracked down on sectors ranging from technology to cryptocurrency to property. The latest article suggests Chinese online brokers could soon be the regulatory crosshairs.

Full story: The People’s Daily.

 

  • Reuters with additional editing by Jim Pollard.

 

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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.

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