The country's central bank chief said that China will tighten personal protections in the financial technology sector to combat unauthorised data collection and exploitation.

People's Bank of China Governor Yi Gang said at the Hong Kong Fintech Week that Beijing will improve the sector's legal frameworks and that countries should work together to set standards for personal data protection.

Data protection is high on the central bank's priority list, according to Yi, who added that some large tech businesses have obtained customers' data without permission or misused this data. 

PBOC Governor Sends Warning to Central Banks on Quantitative Easing - Caixin Global

"We will continue to improve the legal system in the financial sector for personal information protection and improve regulation accordingly," Yi stated.

According to Yi, China has built a preliminary legal system for personal data protection, and government departments will implement supervision.

Simultaneously, he stated that China should encourage reasonable data usage and make transactions more convenient in order to enable technological innovation.

China has begun a slew of crackdowns on sectors ranging from technology to cryptocurrencies and after-school tutoring.