The Risks of Mobile Payment and Regulatory Responses: A Hong Kong Perspective

Asian Journal of Law and Society (Cambridge University Press) (Forthcoming)

Posted: 9 Apr 2020

See all articles by (Robin) Hui Huang

(Robin) Hui Huang

Chinese University of Hong Kong - Faculty of Law; 华东政法大学(East China University of Political Sicence and Law); University of New South Wales - Faculty of Law

Cynthia Sze Wai Cheung

The Chinese University of Hong Kong (CUHK) - Faculty of Law

Christine Meng Lu Wang

The Chinese University of Hong Kong (CUHK) - Faculty of Law

Date Written: March 20, 2020

Abstract

Mobile payment generally refers to transactions made through the applications of a portable electronic gadget without the transfer of cash. As one of the most disruptive technologies for finance, mobile payment has been rapidly transforming the traditional financial industry. While it brings important benefits, there are also various risks, in terms of liquidity, security and data privacy, which call for adequate regulatory responses. As a global financial centre, Hong Kong has gradually established a regulatory framework for mobile payment, addressing the relevant risks with rules on payment and privacy. However, there is still room for further improvement, in terms of measures to deal with cyber security issues and strengthen protection of personal data. The Hong Kong experiences suggest that to regulate a new and fast-growing industry such as mobile payment, the regulatory regime needs to be improved continuously to alleviate the risk concerns, so as to enhance protection of financial consumers and society at large.

Keywords: Mobile Payment, Fintech, Financial Regulation, Cyber Security, Data Privacy, Hong Kong

JEL Classification: E42, G21, K22

Suggested Citation

Huang, (Robin) Hui and Cheung, Cynthia Sze Wai and Wang, Christine Meng Lu, The Risks of Mobile Payment and Regulatory Responses: A Hong Kong Perspective (March 20, 2020). Asian Journal of Law and Society (Cambridge University Press) (Forthcoming), Available at SSRN: https://ssrn.com/abstract=3557660

(Robin) Hui Huang (Contact Author)

Chinese University of Hong Kong - Faculty of Law ( email )

Shatin, New Territories
Hong Kong
852-39431805 (Phone)
852-29942505 (Fax)

HOME PAGE: http://www.law.cuhk.edu.hk/people/huang-hui-robin.php

华东政法大学(East China University of Political Sicence and Law) ( email )

1575 Wanhangdu Rd.
Changning, Shanghai 200042
China

University of New South Wales - Faculty of Law ( email )

Sydney, New South Wales 2052
Australia
61-2-9385 9649 (Phone)
61-2-9385 1175 (Fax)

Cynthia Sze Wai Cheung

The Chinese University of Hong Kong (CUHK) - Faculty of Law ( email )

6/F, Lee Shau Kee Building
Shatin, New Territories
Kowloon, Sha Tin
Hong Kong

Christine Meng Lu Wang

The Chinese University of Hong Kong (CUHK) - Faculty of Law ( email )

6/F, Lee Shau Kee Building
Shatin, New Territories
Kowloon, Sha Tin
Hong Kong

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