Yi Gang, the central bank’s governor, said advancements in cloud computing, artificial intelligence, e-commerce, big data and blockchain have “come at the cost of personal data protection,” prompting his recent comments. The bank had already published consumer protection rules in 2005, but the recent shift in focus will be toward “excessive” data collection by firms dealing in the financial sector.
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PBOC to Take Lead on Fintech Data Collection Protection: Yi Gang
The People’s Bank of China is expecting to take point with respect to curbing excessive and unauthorized collection of data by fintechs. So reports South China Morning Post.
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