Online brokers Futu and Tiger questioned by state media over data security · TechNode

A Thursday article from the official People’s Daily’s website questioned international online brokerage Tiger Brokers and Futu for their ability to protect Chinese customers’ information. The article asked whether the brokers’ collection of personal data will be compliant with China’s newly passed Personal Information Protection Law, which will take effect next month. Tencent-backed Futu and Xiaomi-backed Tiger give mainland Chinese users a platform to invest in stocks listed outside China. Both Futu and Tiger are listed in the US. On Thursday, shares of Futu fell 12% on the news, and Tiger shares slumped more than 21%. [People’s Daily website, in Chinese]

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Written by Aakash Malu


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