China's data security laws pose costly challenge for JPMorgan

CEO of bank's China fund management arm says 'more and more' resources needed

Eddy Wong, CEO of JPMorgan Asset Management's fully owned fund manager in China, is hoping to tap into a 26.53 trillion yuan ($3.73 trillion) mutual fund market in the country. © Getty Images

ECHO WONG and KENJI KAWASE, Nikkei staff reporters

June 6, 2023 18:41 JST

HONG KONG -- JPMorgan Chase's fund management arm in China is devoting "more and more" time and money to complying with data security laws as Beijing tightens regulations, its chief says.

Eddy Wong, CEO of JPMorgan Asset Management's fully owned fund manager in China, said the "industry is very active" in trying to avoid crossing each "red line" created by mid-2021 Chinese laws governing personal information protection and data security.