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The Monetary Authority has ordered Octopus Cards Limited to submit a report on the use of Octopus cardholders' personal data.
The move was in response to recent public concern about the reward scheme operated by Octopus Rewards Limited, a company under Octopus Holdings.
The report should be prepared by external auditors to be appointed by the company and approved by the authority.
The scope of the report will be to establish whether since the date when Octopus Rewards started operation, any third parties, including Octopus Rewards or any other related companies of Octopus Cards, had access to or received from Octopus Cards any Octopus cardholders' personal data, and if so, whether the use of such data was in accordance with applicable laws, codes and regulations.
The auditors are expected to submit their report to the authority within 10 weeks of the review's start.
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