Tencent Cloud’s Maya Platform Raises Regulatory Concerns in Hong Kong

02/22/2023 13:00 • Blockchain Buzz • 194 views

12:00-21:00 Key words: Maya, Tencent Cloud, Gu Geyun, Hong Kong Securities Regulatory Commission

Overview of important developments in the evening of February 22

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Tencent Cloud’s Maya platform has recently been under scrutiny by the Hong Kong Securities Regulatory Commission due to concerns over the platform’s compliance with regulations in Hong Kong. The platform, which was launched earlier this year, is a cloud-based database management system that allows users to store, query and analyze large sets of data. It was designed to meet the growing demand for cloud services in the financial services industry, which has been accelerating in recent years.

Gu Geyun, a senior executive at Tencent Cloud, has said that the platform was built with regulatory compliance in mind and that it has been designed to meet the key requirements of financial institutions in Hong Kong. However, the Hong Kong Securities Regulatory Commission has raised concerns about the platform’s compliance with regulations in the city. Specifically, the regulator has expressed concerns about how the platform handles sensitive financial data, including customer data and trading activity data. They are also concerned about how the platform is being used by financial institutions in Hong Kong, and whether it is being used in compliance with the city’s regulatory requirements.

Tencent Cloud has responded to these concerns by saying that it is working closely with regulators in Hong Kong to address any issues and ensure that the Maya platform is fully compliant with local regulations. They have also pointed out that the platform has been well-received by financial institutions in Hong Kong, with a number of major banks and other financial services providers already using it to manage their data.

Despite these assurances, the regulatory concerns surrounding the Maya platform raise important questions about the pace of innovation in cloud services and the need for careful consideration of regulatory requirements. As financial institutions increasingly turn to cloud services to manage their data and analytics needs, it is clear that regulators will need to remain vigilant to ensure that these platforms are used in compliance with local laws and regulations.

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