The Hong Kong Monetary Authority is imploring financial institutions to employ the Privacy Commissioner for Personal Data's Ethical Accountability Framework, Insurance Business reports. The framework promotes the ethical and fair processing of personal data, which the HKMA believes companies need to put more consideration into with respects to consumer privacy during the collection and use of data. “The HKMA supports the concept of data ethics and stewardship in the context of collecting and using personal data. It encourages [authorised institutions] to adopt the framework and implement the models in the development of fintech products and services,” the HKMA said in a notice to companies.
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