【Ming Pao Report】Approved to Transfer Data Southbound: Insights from Hong Kong Companies – Studying Regulations in Both Regions
Thanks to Ming Pao for reporting on Nova Credit Limited, which has become the first local institution to introduce Mainland Chinese data under the Standard Contract for Cross-border Transfers of Personal Information, following the legislative approval for data exodus.
Samuel Ho, the CEO of Nova Credit, shared this valuable experience and stated that the biggest challenge is to clarify the regulations in both regions and seek legal advice early on. For different industries in Hong Kong to execute cross-boundary data transfers, the Central Cyberspace Affairs Commission provides an efficient approval process and transparent application channels, thereby encouraging Hong Kong enterprises to be involved in the overall national development strategy.
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