SINGAPORE, April 24, 2023 /PRNewswire/ -- With booming development of the digital economy, cross-border data flows have played an increasingly important role in supporting international trade, promoting cooperation in cross-border technological development, and facilitating sharing of data resources. Jincheng Wu, director of Shanghai Municipal Commission of Economy and Informatization (Shanghai EITC), officially announced the establishment of Shanghai Data Exchange International Board at the Data Eco-system Partnership Conference (DEPC) in Singapore on April 24. The board aims to enable global data interconnection by exploring new mechanisms for two-way cross-border data flows and encouraging collaborations between enterprises in China and their multinational counterparts.
As Shanghai and Singapore are deepening and expanding their cooperation across multiple sectors, the 2023 Shanghai-Singapore Comprehensive Cooperation Council (SSCCC) Meeting took place concurrently with DEPC in Singapore. Several major topics were covered, focusing on new opportunities for strategic cooperation in the digital economy and the integrated regional development of the Yangtze River Delta.
Co-hosted by Shanghai Data Exchange and Shanghai Data Service Provider Association, DEPC is an important part of the Global Data Ecosystem Conference 2023 (GDEC 2023). Relevant government departments and organizations were present by invitation, including but not limited to, Shanghai EITC, the ASEAN+3 (China, Japan, and Korea) Macroeconomic Research Office (AMRO), the Infocomm Media Development Authority (IMDA), the Government Technology Agency (GovTech), SGTech, and Business China. In addition, an impressive lineup of representatives from well-known companies and academic institutions also attended the meeting, including Industrial and Commercial Bank of China, Bank of China, China Mobile, China Telecom, Tencent, Ant Financial Services, Greenland, Shanghai Ganglian, Lazada, SEA, Google, Experian, Statista, JP Morgan, IPG Mediabrands, PwC, KPMG, and the National University of Singapore.
Establishment of International Board
Over the last few years, the Chinese government had issued several circulars associated with data factors, including the guideline to build basic systems for data and a plan for the overall layout of the country's digital development. Those documents specified the requirements for security and compliance of cross-border data flows. In line with the positioning of the National Data Exchange, Shanghai Data Exchange dedicates to building a key hub for allocating global data factors with the establishment of international board.
"The newly established board already listed nearly 30 data products serving high-level international economic and trade exchanges, cultural exchanges, and cooperation in other fields. To assure the smooth operation of trade, Shanghai Data Exchange is accelerating the build-out of a cross-border data trading system. Such a system undertakes ongoing improvements to the fundamental infrastructure and builds a compliant and orderly mechanism for the flows of data on a global scale." Dr. Qifeng Tang, Chief Executive Officer of Shanghai Data Exchange said when giving a welcome speech.
The establishment of Shanghai Data Exchange international board will help to make the supporting infrastructure more robust for easier engagement in the trading of data on a global scale, most notably between China and the rest of the world. It provides a practical basis for benchmarking with the Digital Economy Partnership Agreement (DEPA) and other internationally accepted rules for the digital economy.
Jincheng Wu, director of Shanghai EITC, officially announced the establishment of Shanghai Data Exchange International Board at the DEPC in Singapore on April 24.
Lead the Development of International Standards for Data Flows
The guideline to build basic systems for data highlights active participation in formulating international rules for cross-border data flows alongside joining regional cross-border data flows arrangements.
During DEPC, Shanghai Data Exchange, Shanghai Ganglian, and related companies of CP Group, New World Development and Sinar Mas Group, jointly announced that they will jointly promote the establishment of Asia Data Factor Market Development Academy (ADFMDA), with several universities and think tanks assisting in the effort.
In line with the Global Initiative on Data Security, ADFMDA has set goals, including standardizing international cross-border data flows, expanding international cooperation in data flows, ensuring data security and privacy, and advancing innovation in data technology. By assisting in the development of international rules and technical standards for data flows, data security as well as data certification and assessment, the institute is well-positioned to accelerate the connectivity between China's and the international data factor markets.
Prosper the Global Data Ecosystem
During DEPC, Dr. Kouqing Li, director of AMRO, delivered a speech on how cross-border data cooperation can empower the financial industry and drive the global digital economy. Executives from Shanghai Ganglian and Google shared their practices and experiences in providing data services globally. The participants engaged in an exchange of ideas concerning digital economy, data factor and industrial interconnectivity. The discussion furthered the collaborative efforts between domestic and international enterprises to facilitate cross-border data flows.
As a leader in the booming data ecosystem, Shanghai Data Exchange has continued attracting the world's premium data providers and data service providers. It plays an important role of improving the management system of data trading service providers and building an international data service ecosystem.
DEPC is one of the GDEC 2023 theme sessions. By assisting in raising the visibility of this important event and by developing a global ecosystem that will be known for the superior quality of its data, Shanghai Data Exchange is on track to become an internationally recognized open platform for exchanges and cooperation between data providers and data service providers worldwide.
