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Fintech Market Overview

This article does not constitute legal advice.

Data protection in Hong Kong

Fintech Software

Businesses in Hong Kong are subject to the Personal Data (Privacy) Ordinance (Cap 486) (PDPO), which regulates the collection, use and handling of personal data received by corporations or persons (data users). The PDPO places restrictions on the use and disclosure of personal data under Data Protection Principle 3 outlined in the PDPO and thus data users should not make client data accessible to third parties without the consent of the data subject under normal circumstances. The principles that data users must observe mainly relate to notification requirements at the time of collection of personal data, security and access to personal data and accuracy and duration of retention of personal data. There are also particular restrictions regarding the use of client lists to market products.1

The PDPO also contains exemptions to the restrictions on use and disclosure of client data under Data Protection Principle 3. Exemptions apply for any use or disclosure of client data that is: (1) required or authorised by any Hong Kong law or court order; (2) required in connection with legal proceedings in Hong Kong or exercising or defending legal rights in Hong Kong; (3) for the purpose of a due diligence exercise in connection with a proposed sale or merger; or (4) for the purpose of preparing statistics or carrying out research (provided that no identifying information of any client is published). Under the PDPO, clients do not have a general right to object to data processing (including digital profiling) but they may opt out of direct marketing activities.1

Cross-border payments in Hong Kong

Fintech in Hong Kong

Fintech in other countries

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/hong-kong
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