PBOC Sounds Alarm Over Poor Protection of Consumer Financial Information
What’s new: A recent report (link in Chinese) from a research team backed by the People’s Bank of China accused Chinese internet giants of poor protection of consumers’ financial information, including the gathering of data without the consent of the individuals concerned, broadening the scope of information being collected, and analyzing users’ financial activities to target relevant services to customers, especially loans.
The report urged large internet companies to be more responsible in the way they treat consumers using their financial services and be more willing to share the trove of information they’ve built up on their vast customer base. The report also called for tighter supervision of the companies’ financial businesses and an investigation into the monopolistic practices of the major players.
The background: Protection of personal information has become a burning issue in China amid increasing incidence of theft and misuse of information, and growing demands for more protection of individual privacy.
The central bank’s report echoes broader efforts by China’s top policymakers to step up regulation of data collection and use, protection of consumer rights and antitrust.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.
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