The Hong Kong government has published a press statement to inform that the Innovation, Technology and Industry Bureau (ITIB) has released a Policy Statement on facilitating data flow and safeguarding data security in Hong Kong. The Policy Statement outlines management principles and strategies for data governance in an effort to promote data consolidation, application, opening up, and data sharing while enhancing data security and infrastructure planning in the city.
The Policy Statement includes 18 specific action items under five categories: advancing digital government, policy formulation, cybersecurity protection, digital infrastructure, and cross-boundary data flow. While most of the action items are rather less or even irrelevant for financial market participants, we would like to point out two planned activities that are likely to affect financial players as well:
1. The ITIB plans to expand the Consented Data Exchange Gateway (CDEG), which will facilitate data transfer from government departments to financial institutions upon the authorization of institutions‘ clients and
2. The ITIB plans to digitalize all government functions which includes the provision of services and the filing of forms and documents of all kinds electronically.
In conclusion, the government states that the noted initiatives are designed to support Hong Kong’s development as an international innovation and technology hub, fostering coordinated development and safety in the digital economy, I&T, and other relevant sectors of the city.