The Risks of Mobile Payment and Regulatory Responses: A Hong Kong Perspective

2020 ◽  
Vol 7 (2) ◽  
pp. 325-343
Author(s):  
Robin Hui HUANG ◽  
Cynthia Sze Wai CHEUNG ◽  
Christine Meng Lu WANG
Keyword(s):  
Hong Kong ◽  
Data Privacy ◽  
Personal Data ◽  
Regulatory Framework ◽  
Mobile Payment ◽  
Regulatory Regime ◽  
Financial Industry ◽  
Fast Growing ◽  
Financial Centre ◽  
Disruptive Technologies

AbstractMobile payment generally refers to transactions made through the applications of a portable electronic gadget without the transfer of cash. As one of the most disruptive technologies for finance, mobile payment has been rapidly transforming the traditional financial industry. While it brings important benefits, there are also various risks, in terms of liquidity, security, and data privacy, that call for adequate regulatory responses. As a global financial centre, Hong Kong has gradually established a regulatory framework for mobile payment, addressing the relevant risks with rules on payment and privacy. However, there is still room for further improvement, in terms of measures to deal with cybersecurity issues and strengthen the protection of personal data. The Hong Kong experiences suggest that, to regulate a new and fast-growing industry such as mobile payment, the regulatory regime needs to be improved continuously to alleviate the risk concerns, so as to enhance the protection of financial consumers and society at large.

Part I Finance in Hong Kong, 2 Financial Regulatory Structure

2016 ◽  
Author(s):  
Arner Douglas W ◽  
Hsu Berry FC ◽  
Goo Say H ◽  
Johnstone Syren ◽  
Lejot Paul ◽  
...  
Keyword(s):  
Hong Kong ◽  
Financial Markets ◽  
Market Failure ◽  
Financial Regulation ◽  
Regulatory Framework ◽  
Regulatory Structure ◽  
Financial Centre ◽  
Markets And Institutions ◽  
The Common ◽  
Financial Regulatory

This chapter describes the overall legal and regulatory framework supporting financial markets in Hong Kong. This is developed in tandem with, and in response to, their characteristics. Regulatory reforms in the financial markets of Hong Kong have typically been developed after a financial crisis and market failure. However, while Hong Kong has not always had effective systems of financial regulation, it has been steadily strengthening its regulatory framework both for financial markets and institutions. This chapter argues that the increasing effectiveness of its legal and institutional regulatory framework has enhanced its development as an international financial centre over the past two decades and will be vital to its continued success in the future. The chapter concludes by outlining the common objectives of the Hong Kong financial regulators today.

scholarly journals Increasing resilience via the use of personal data: Lessons from COVID-19 dashboards on data governance for the public good

Data & Policy ◽  
2021 ◽  
Vol 3 ◽  
Author(s):  
Veronica Qin Ting Li ◽  
Masaru Yarime
Keyword(s):  
Public Health ◽  
Hong Kong ◽  
Data Privacy ◽  
Research Question ◽  
Personal Data ◽  
Structured Interviews ◽  
Data Governance ◽  
Health Crisis ◽  
The Public ◽  
Trade Offs

Abstract Contemporary data tools such as online dashboards have been instrumental in monitoring the spread of the COVID-19 pandemic. These real-time interactive platforms allow citizens to understand the local, regional, and global spread of COVID-19 in a consolidated and intuitive manner. Despite this, little research has been conducted on how citizens respond to the data on the dashboards in terms of the pandemic and data governance issues such as privacy. In this paper, we seek to answer the research question: how can governments use data tools, such as dashboards, to balance the trade-offs between safeguarding public health and protecting data privacy during a public health crisis? This study used surveys and semi-structured interviews to understand the perspectives of the developers and users of COVID-19 dashboards in Hong Kong. A typology was also developed to assess how Hong Kong’s dashboards navigated trade-offs between data disclosure and privacy at a time of crisis compared to dashboards in other jurisdictions. Results reveal that two key factors were present in the design and improvement of COVID-19 dashboards in Hong Kong: informed actions based on open COVID-19 case data, and significant public trust built on data transparency. Finally, this study argues that norms surrounding reporting on COVID-19 cases, as well as cases for future pandemics, should be co-constructed among citizens and governments so that policies founded on such norms can be acknowledged as salient, credible, and legitimate.

scholarly journals Robotic Process Automation: Concept, Benefits, Challenges in Banking Industry

2019 ◽  
pp. 17-25
Author(s):  
Asmita Pramod Pokharkar
Keyword(s):  
Financial Services ◽  
Data Privacy ◽  
Banking Industry ◽  
Personal Data ◽  
Process Automation ◽  
Financial Industry ◽  
Robotic Process Automation ◽  
It Systems ◽  
Digital Disruption

The banking and financial industry is in the midst of digital disruption. The industry is further challenged by the need to optimize cost, build scale and deliver swift responses to service requests. However, banks are not able to innovate due to fragmented processes and multiple legacy IT systems that manage these processes. In addition, banks also have to be compliant to regulatory requirements and maintain data privacy while processing a large number of documents and personal data. Robotic process automation (RPA) or "automation" describes logic driven robots that execute pre-programmed rules on mostly structured and unstructured data to some extent. The concepts have been around for nearly a decade, and they have advanced quickly. In financial services, insurance carriers have used RPA in claims processing for quite a while. Capital market firms are now turning to automation to reduce costs, provide better service, and even make complex regulatory implementations work more efficiently. Financial institutions can reduce cost, improve quality of service and scale the existing resources to the major population. All services will be available and operate 24/7 basis. This paper explains the basic concept, advantages, challenges of Robotic process automation in banking with the help of case study method in banking industry.

scholarly journals 'Dark Patterns': the case for regulatory pluralism

2020 ◽  
Author(s):  
Mark Leiser
Keyword(s):  
Data Privacy ◽  
Personal Data ◽  
Regulatory Regime ◽  
Privacy By Design ◽  
Legal Requirements ◽  
Legal Principles ◽  
Regulatory Perspective ◽  
Pluralistic Approach ◽  
Web Designers ◽  
The Web

‘Dark patterns’ is a term commonly used by the web collective to describe a user interface that exploits users into doing something that they would not normally do. It is a coercive and manipulative design technique used by web designers when some sort of action is needed from a user - typically to begin the processing of personal data or indication of agreement to a contract. As dark patterns can compromise legal requirements like consent and privacy-by-design and legal principles found in both regimes, like fairness and transparency, this article analyses ‘dark patterns’ from a regulatory perspective. Two frameworks are critiqued: the European Union’s regime for data privacy and consumer protection. The paper also provides an overview of the enforcement measures available for the regulation of dark patterns. It concludes that a pluralistic approach that mixes the strengths of one regulatory regime while compensating for its weaknesses by the use of the other is needed to harness dark patterns.

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