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China’s planned anti-sanctions law for Hong Kong unsettles financial sector

Under the planned law, if financial institutions in Hong Kong implement U.S. sanctions, they may be exposed to legal risk in Hong Kong for doing so, financial sector executives and lawyers said.

“Many foreign multinational companies are asking about the impact of the anti-foreign sanctions law, especially international banks and financial institutions,” said Shaun Wu, a Hong Kong-based partner at law firm Paul Hastings.

For bank regulators, tech giants are now too big to fail

This time it’s the tech giants including Google, Amazon and Microsoft that host a growing mass of bank, insurance and market operations on their vast cloud internet platforms that are keeping watchdogs awake at night.

Japanese general insurance industry to reach $133.1bn in 2025, forecasts GlobalData

Motor insurance is the largest segment in the Japanese general insurance industry with 51.5% of GWP in 2020. It is forecasted to grow by 1.4% in 2021 against the decline of -3.6% in 2020, backed by improved vehicle sales. According to the Japan Auto Manufacture Association (JAMA), new vehicle registrations during January-April 2021 increased by 4.2% as compared to same period in 2020.

The segment is expected to grow at a CAGR of 1.7% during 2020-2025. The launch of fully autonomous vehicles targeting local and global markets as well as expansion of electric car market is expected to drive growth of the motor insurance segment during the forecast period

China passes sweeping data privacy law, toughens regulation on tech companies

Xinhua also reported that the law will create stronger regulation of China’s public surveillance system, requiring the disclosure and labelling of hardware used in identifying people in public places. Collected data can only be used for maintaining public safety, the news agency said. China operates a vast network of cameras, backed by advanced facial recognition and AI-driven technology, to control crime but also to check identities in subways, schools and office buildings.

The law also stipulates that companies cannot use personal data to target individuals for marketing, according to state broadcaster CCTV. And firms must provide easy ways for users to opt-out of targeted marketing, reported CNN. CCTV also reported that sensitive personal information — such as biometrics, health care and financial accounts — should only be processed with the individual’s consent.

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