Facilitating Cross-boundary Data Flow within the Greater Bay Area
Release Date: 2024-12-24
Dear Members,
We are excited to announce the launch of the “Standard Contract for the Cross-boundary Flow of Personal Information within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong)” hereinafter referred to as the "Greater Bay Area Standard Contract." This initiative, jointly fostered by the Hong Kong Special Administrative Region Government and the National Internet Information Office, is designed to ensure the secure and systematic cross-border transfer of personal information within the Greater Bay Area, while also enhancing the region's digital economy.
Background and Importance of the Contract:
The Greater Bay Area Standard Contract marks a pioneering step under the Memorandum of Understanding on Facilitating Cross-boundary Data Flow within the Guangdong-Hong Kong-Macao Greater Bay Area. It signifies a major policy advancement by leveraging data flow to bolster the digital economy, while concurrently enhancing privacy and data security measures. This contract is pivotal in accelerating high-quality economic growth in the Greater Bay Area and provides crucial support for Hong Kong as it seeks broader opportunities within the national development strategy.
Advantages and Benefits of the Contract:
- Reduced Compliance Costs: The contract simplifies compliance for businesses involved in cross-border personal information exchanges, resulting in substantial savings in time and costs. It streamlines the process of conducting personal information protection impact assessments and reduces the filing duration, enabling businesses to swiftly adapt to and seize new market opportunities.
- Promoting Innovation and Development: Implementation of this contract will aid Hong Kong in better integrating with the Greater Bay Area and aligning with the national development framework, thereby fostering high-quality economic growth and advancements in innovation and technology.
- Facilitating User-Friendly Business Services: By extending the Greater Bay Area Standard Contract to a wide array of industries across Hong Kong, more businesses and institutions can benefit from its advantages. These measures will significantly enhance data circulation within the Greater Bay Area and encourage the provision of more cross-border services.
Participation and Implementation:
We highly encourage enterprises and organizations that are planning cross-border personal information transfers to adopt this standard contract. Doing so will not only bolster your business development but also enhance your competitive edge in the digital economy. For a comprehensive understanding of the contract's applicability and associated terms, please consult the “Guidelines on Cross-border Data Transfer” provided by the Privacy Commissioner’s Office.
We are confident that this initiative will unlock numerous innovative opportunities for the industry, propelling business expansion and advancement.
For more details, please visit the government website.
Digital Policy Office, HKSAR Government
https://www.digitalpolicy.gov.hk/en/our_work/digital_infrastructure/mainland/cross-boundary_data_flow/index.html
Privacy Commissioner’s Office
https://www.pcpd.org.hk/english/news_events/media_statements/press_20241101.html
Merry Christmas and Happy New Year,
Mofiz Chan
Chairman
Hong Kong Securities and Futures Professionals Association
We are excited to announce the launch of the “Standard Contract for the Cross-boundary Flow of Personal Information within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong)” hereinafter referred to as the "Greater Bay Area Standard Contract." This initiative, jointly fostered by the Hong Kong Special Administrative Region Government and the National Internet Information Office, is designed to ensure the secure and systematic cross-border transfer of personal information within the Greater Bay Area, while also enhancing the region's digital economy.
Background and Importance of the Contract:
The Greater Bay Area Standard Contract marks a pioneering step under the Memorandum of Understanding on Facilitating Cross-boundary Data Flow within the Guangdong-Hong Kong-Macao Greater Bay Area. It signifies a major policy advancement by leveraging data flow to bolster the digital economy, while concurrently enhancing privacy and data security measures. This contract is pivotal in accelerating high-quality economic growth in the Greater Bay Area and provides crucial support for Hong Kong as it seeks broader opportunities within the national development strategy.
Advantages and Benefits of the Contract:
- Reduced Compliance Costs: The contract simplifies compliance for businesses involved in cross-border personal information exchanges, resulting in substantial savings in time and costs. It streamlines the process of conducting personal information protection impact assessments and reduces the filing duration, enabling businesses to swiftly adapt to and seize new market opportunities.
- Promoting Innovation and Development: Implementation of this contract will aid Hong Kong in better integrating with the Greater Bay Area and aligning with the national development framework, thereby fostering high-quality economic growth and advancements in innovation and technology.
- Facilitating User-Friendly Business Services: By extending the Greater Bay Area Standard Contract to a wide array of industries across Hong Kong, more businesses and institutions can benefit from its advantages. These measures will significantly enhance data circulation within the Greater Bay Area and encourage the provision of more cross-border services.
Participation and Implementation:
We highly encourage enterprises and organizations that are planning cross-border personal information transfers to adopt this standard contract. Doing so will not only bolster your business development but also enhance your competitive edge in the digital economy. For a comprehensive understanding of the contract's applicability and associated terms, please consult the “Guidelines on Cross-border Data Transfer” provided by the Privacy Commissioner’s Office.
We are confident that this initiative will unlock numerous innovative opportunities for the industry, propelling business expansion and advancement.
For more details, please visit the government website.
Digital Policy Office, HKSAR Government
https://www.digitalpolicy.gov.hk/en/our_work/digital_infrastructure/mainland/cross-boundary_data_flow/index.html
Privacy Commissioner’s Office
https://www.pcpd.org.hk/english/news_events/media_statements/press_20241101.html
Merry Christmas and Happy New Year,
Mofiz Chan
Chairman
Hong Kong Securities and Futures Professionals Association
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