China central bank to curb unauthorised and excessive data collection by fintech companies

The People’s Bank of China said it will take the lead to curb the unauthorised and excessive collection of personal data by technology companies that provide financial services, as it steps up to the plate as an advocate of data privacy in the world’s largest fintech market.

Advancements in artificial intelligence (AI), cloud computing, big data, blockchain and e-commerce have come at the cost of personal data protection, as financial institutions adopt fintech, said the Chinese central bank’s Governor Yi Gang, in an 8-minute keynote speech devoted to data protection during the 2021 Hong Kong Fintech Week.

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