Payments & FinTech Lawyer has published Gabriela Kennedy’s article on a statement issued by the Hong Kong Privacy Commissioner (PC) setting out advice on the collection of personal data by Stored Value Facilities (SVF) operators, as the first five stored value facility licenses were granted by the Hong Kong Monetary Authority (HKMA) under the Payment Systems and SVF Ordinance (Cap. 58) (PSSVFO) on 25 August 2016. Gabriela and Karen addressed the risks of being in breach of the Personal Data (Privacy) Ordinance (Cap. 486) (PDPO) and of cyber attacks, as SVF operators collect more personal data from consumers. SVF operators should carry out a privacy due diligence exercise to ensure their internal procedures comply with the PDPO and that their security measures are sufficient.
