Nova Credit shared valuable experience at sharing session on “Using Standard Contracts for Transferring Personal Information Out of the Mainland”

The Office of the Privacy Commissioner for Personal Data held an experience sharing session entitled “Using Standard Contracts for Transferring Personal Information Out of the Mainland” on 24th October, 2023. Our CEO, Mr. Samuel Ho was the guest speaker to share practical experience in pursuing standard contracts for transferring personal information out of the Mainland (“Standard Contracts”), including the points to note in preparation and when going through the approval process, with participants from various industries, including banking, insurance, government/public bodies, legal and information technology, etc.

NOVA was officially acknowledged as a party to the nation’s first approved standard contract filed for cross-border transfers of personal information based on its Cross-Boundary Customer Credit Report Verification (CBCRV) project. Samuel took the business scenario of this project as an example to share with the participants his experience in formulating the Standard Contract, applying for filing and approval, as well as his practical experience in preparing for relevant assessments. In addition, he encouraged enterprises to keep up with laws and regulations and make good use of the service windows and public enquiry hotline of the Cyberspace Administration of China to get more information.

During the sharing session, the Privacy Commissioner for Personal Data, Ms. Ada Chung Lai-ling, highlighted the requirements of the Mainland’s “Personal Information Protection Law” for transferring personal information out of the Mainland and introduced the major requirements of the Standard Contract and “Measures on the Standard Contract for Cross-border Transfers of Personal Information” (“Standard Contract Measures”). She reminded  enterprises or organizations that they must take steps to rectify the situation within six months, namely, on or before 30 November 2023, since the “Standard Contract Measures” took effect. Regarding the “Standard Contract “, the Commissioner also reminded that overseas recipients have the obligation to be subject to the supervision and management of regulatory authorities during the implementation of the standard contracts.