By Xie Yu and Engen Tham
Shanghai plans to accelerate approvals for foreign firms wanting to send their local data offshore, four sources with knowledge of the matter said, in what would be a major relaxation of China’s stringent data rules unveiled more than a year ago.
The Shanghai government in recent weeks discussed the so-called fast-track approval initiative with representatives of some foreign firms operating in the commercial hub, including western banks and asset managers, said two of the sources.
Subscribe now to have unlimited access
With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!
