Having a comprehensive and current database of information can help businesses improve customer service, make strategic decisions and abide by legal requirements more easily. However, a good database must have security features to prevent unauthorised access and should be easy for all users to navigate and use. It should also be updated frequently to provide fresh data and support new business needs. The data has to be able to be retrieved in a timely manner so that it can be used for decision making or planning. A good database can also be used to monitor trends in the industry and identify potential business opportunities.
The Hong Kong government has recently launched a new initiative to boost digital financial services. The CDI (Central Data Infrastructure) will allow banks and sources of commercial data to connect directly with one another, resulting in more efficient and secure financial intermediation and increasing Hong Kong’s financial inclusion. The infrastructure will be built using blockchain technology, which will allow data to be shared securely and efficiently between different parties.
This is the latest development in a long-standing effort to promote the digital economy, which has been supported by the Hong Kong Special Administrative Region Government and the Mainland China government. The development of the CDI is expected to improve Hong Kong’s financial data infrastructure and increase the speed of financial transactions, while reducing costs.
Tech Data Distribution (Hong Kong) Limited (“Tech Data HK”), a TD SYNNEX company, is a leading global distributor and solutions aggregator for IT ecosystems, an innovative partner helping customers maximize the value of their technology investments, demonstrate business outcomes and unlock growth opportunities. With over 23,500 co-workers globally, Tech Data HK brings together compelling IT products, services and solutions from 1,500+ best-in-class technology vendors.
As an active member of the local IT community, Tech Data HK is committed to enhancing the IT experience and expanding IT education in Hong Kong. Through its Tech for Schools program, the company provides students with access to IT resources and networking events. It also participates in various charity and community projects to support the communities it serves.
The GDPR defines personal data as any information relating to an identified or identifiable natural person, including the name, identification number, location data, online identifier and factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that person. This includes data on an individual’s activity, which may be analysed and processed to form the basis of a personal profile. However, the PDPO does not include any express provisions conferring extra-territorial application to the data transfer regime. Nevertheless, the six core data protection principles of the PDPO are relevant to any person who controls data that is transferred in or from Hong Kong. In this regard, the PDPO will still impose a range of statutory obligations on data users, including the requirement to obtain the voluntary and explicit consent of the data subject for the purpose of the data transfer.