Morgan Stanley asks bankers to carry a separate phone for China trips, source says
Quick Take
Morgan Stanley requires bankers to use separate phones for trips to China.
Key Points
- New policy aims to enhance data security.
- Separate phones limit exposure to surveillance.
- Compliance with local regulations is crucial.
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~1 min readSelena Li
1 min read
By Selena Li
HONG KONG, May 20 (Reuters) - Morgan Stanley has asked its Hong Kong-based bankers to carry new mobile devices issued exclusively for business travel to mainland China, as international firms with a cross-border workforce tighten data security.
The bank in recent months asked its staff to use the devices - iPhones and iPads - when working from the Chinese mainland, a source with direct knowledge of the matter said.
The Wall Street firm, which did not give staff a reason for the move, has only introduced the policy for device usage in China, the source added.
Morgan Stanley declined to comment. The Financial Times first reported about the issuance of new devices on Wednesday.
Morgan Stanley is among the top arrangers of China listings in Hong Kong, with its investment bankers frequently travelling to the mainland for client and due diligence meetings.
International banks operating in Greater China have mostly ring-fenced onshore data systems, separate to their global systems, after Beijing stepped up scrutiny of cross-border data flows in 2021.
(Reporting by Selena Li, Editing by Kirsten Donovan)
— Originally published at finance.yahoo.com
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