The open banking initiative could be put in jeopardy if data is not sufficiently secured, say Peter Lancos, Jonathan Naismith and Suraj Nittoor at Exate Technology.
Hong Kong’s data privacy ordinance is conceptually similar to GDPR, but perhaps with ‘smaller teeth’, say Peter Lancos and Jennifer Boyse at Exate Technology.
The challenges GDPR introduces around Cross Border Data Transfers are not necessarily new problems. They do however make an existing problem just a bit more complicated.
Given the 25 May go-live date, financial institutions in Asia need to immediately consider their obligations under GDPR, which will apply to any firm with clients or employees who are EU citizens.