Data Hk and Fintech 2025
Data is the new kind of capital, an economic factor of production in digital goods and services. Just like an automaker can’t manufacture a car without the financial capital, a business can’t function without the data it needs. As a result, strong management practices and a robust data governance system are now critical to the success of a modern business.
Data hk refers to personal information collected or used in Hong Kong, even if the data processing cycle takes place outside the territory. It includes any information that can identify a living individual, including the person’s name or other information that may be used to distinguish him or her from others. It can also include information about legal entities such as companies and trusts.
The definition of personal data has not been updated since the PDPO was first enacted in 1996, but it remains in line with international norms at that time. Since then, the definition has been updated in other legislative regimes, such as the Personal Information Protection Law that applies in mainland China and the General Data Protection Regulation that applies in the European Union.
A key principle in the PDPO is that personal data must be collected for specified purposes and not used for any other purpose unless it is explicitly permitted by the person’s voluntary and express consent or if there is an overriding public interest. This is based on the principle that people have a right to control their own personal data and that the collection of personal data must be fair and reasonable.
This principle is a core tenet of the HKMA’s Fintech 2025 strategy to improve Hong Kong’s data infrastructure, empower the industry, and boost financial inclusion by encouraging innovation and creativity for developing new financial products and solutions. One of the initiatives is to build a new generation data infrastructure, the CDI, which will allow a single connection between banks and commercial data providers rather than multiple one-to-one connections. The goal is to make data sharing more secure, efficient, and scalable.
Another initiative is to enhance Hong Kong’s position as a regional hub for data flows. The city is home to a dense concentration of enterprises, networks and IT service providers, making it an ideal location for interconnection. Equinix’s Hong Kong data centers connect customers into this rich industry ecosystem, providing them with direct access to global cloud service providers and their customers in Asia’s most carrier-dense network hub.
Our Hong Kong data centers offer a high-performance and reliable platform for connecting to these service providers, including leading internet exchanges, global cloud platforms and regional networks. Our colocation facilities are located in the heart of Hong Kong’s leading data center market, where they can be accessed directly and seamlessly from other Equinix locations around the world. To learn more about how our interconnection solutions can help you meet your data requirements, contact us today. Our experts will be happy to help you get started.