Central Bank Managing Director Lee Kang talks about personal information protection in the financial industry

Recently, the President of the People's Bank of China, Lee Kang, gave a video speech on Hong Kong Fintech Week 2021.

Below is a list of quotes.

We would like to thank Chairman Yu Weiwen for inviting us and we are very happy to participate in Hong Kong Fintech Week. Today I want to share my idea of ​​privacy.

1. The rapid improvement in spending has raised confidentiality concerns.

Over the past ten years, the rapid development of financial, intellectual, big data, cloud computing, financial distribution and e-commerce (abbreviated ABDE) and other technologies has been widely used in the industry. financial, making financial services more accessible as a good. easy. Beneficial.

Of the five “ABCDE” technologies, the most important are Big Data. In FinTech, who owns the data traffic and who owns the data is a consumer. better.

This immediately raises the question of privacy protection, and while all of a person's movements can be recorded on a data basis, privacy protection is very important. First, there is the data of illegal users such as the illegal collection and use of illegal information by large companies, so the protection of personal information will need to be added more quickly.

2. Improve the protection of personal information in accordance with international standards

International experience shows that many countries have laws to protect personal information. For example, the European Union announced the General Data Protection Regulation (GDPR) in 2018 which clarifies the rights of individuals to personal data and the role of data as a law enforcement, provides information. The documents may be used to enforce data protection laws in other countries.

Korea has always attached importance to privacy policy, and since 1992 laws and regulations have been developed to clarify the responsibilities of financial institutions to protect consumers. In June and August of this year, the "Information Protection Law" and the "Personal Information Protection Law" were promulgated, in accordance with the law, and the legal procedures for the protection of personal information prepared. for the first time.

The Company has always attached great importance to the protection of personal information in the financial sector, and since 2005, publishes procedures related to the protection of personal information in financial protection, consumer protection and credit research. In recent years, efforts have been made to control the collection of too much personal information in financial transactions and from "key members" that services cannot provide without authorization to provide personal information. At the same time, many financial services organizations are encouraged to strictly collect, use and store consumer data in accordance with legal standards, fairness and relevance. strictly protect personal information. To do. The rights and rights of consumers are legal and privileged.

In particular, regarding the personal loan information service, the personal loan information company announced on September 30 this year "credit information service management measures" to describe the field of personal loan information, as well as specialized instructions for drafting, producing and providing services. . personal credit information. In addition, financial technology companies are required to completely opt out of self-disclosure and provide loan information to financial companies when authorizing the lender.

In the future, we will further improve the law on the protection of personal information in the financial sector and strengthen the confidentiality of personal information.

3. Extensive experience to support the protection of personal data

First, the development and improvement of legal, administrative and regulatory frameworks form the basis for raising awareness about the protection of personal data. Currently, China's privacy protection law has been developed at an early stage, and government agencies will be given fair treatment according to the law.

Second, the ultimate goal of personal data protection is to promote the use of useful information. On the basis of the principle of personal data protection, seek the realization of more accurate data analysis, easier data, more efficient use of information and promote the critical and technologically advanced capabilities of entrepreneurs.

Third, there is a need to strengthen international cooperation in the protection of personal data. Now, with the improvement of finances, the flow of personal information has the characteristics of the country, the difficult economy and the region, and there is a need to strengthen the power of cooperation and oversight by laws, jurisdictions and governments of all nations. . The integration of data protection, data protection and consumer protection to participate in the development of international standards for the protection of individuals.

Women and men, let's work together to better address the privacy concerns of advancing finance so that financial devices can work better again for everyone's life.