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Digital Transformation Specialist Fenergo Reveals that Malaysia, Singapore, Hong Kong Ranked Highest for Issuing Fines for Financial Crimes
A new study by
Fenergo, provider of digital transformation, customer journey and client lifecycle management (CLM) software, has revealed that Malaysia ranked the highest for data privacy fines in the Asia-Pacific (APAC) region. Fines from Malaysian authorities totaled nearly $4 billion this past year.
Neighboring countries or territories such as Hong Kong (appr. $107 million) and Singapore (appr. $123 million) also issued heavy fines for abusive activities..
In the APAC region, the total of enforcement actions targeted at financial institutions and individuals stood at over $5.18 billion last year.