More than 100 representatives from leading stakeholders in the data ecosystem gathered on April 24, 2023 for the Data Eco-system Partnership Conference (DEPC) in Singapore. The conference aimed to shed light on the importance of global data sharing in supporting international trade and technological development.
This conference commenced with the establishment of the Shanghai Data Exchange International Board. Announced by Jincheng Wu, director of the Shanghai Municipal Commission of Economy and Informatization, the board aims to strengthen cross-border data flows between companies in China and their multinational counterparts.
As data becomes an important driving force in the digital economy, more regulations have been implemented to govern how it is shared across stakeholders. The Shanghai Data Exchange International Board is facilitating the construction of a cross-border data trading platform that is compliant with regulations including the Digital Economy Partnership Agreement (DEPA), and new data exchange standards implemented by the Chinese government.
Among the keynote speeches, many speakers emphasized the importance of greater international cooperation in developing a global ecosystem that can process and analyze data. This ecosystem aims to maximize the revenue streams that enterprises leverage from cross-border data flows.
Some highlights from the discussion included Dr. Li Lian Ong, Group Head of Financial Surveillance at ASEAN +3 Macroeconomic Research Office (AMRO), who shared the various use cases of data in nowcasting trade, tracking the spread of the COVID-19 pandemic to help economists foresee lockdowns, and monitoring rapid financial spillovers, including Credit Suisse and the crash of the FTX token ($FTT).
Meanwhile, See Haojun, Head of Engagement (Chapters & Members) at SGTech, emphasized the importance of digital trust for any individual or organization when they are transacting data in a digital ecosystem.
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The conference wrapped up with the launch of the Asia Data Factor Market Development Academy (ADFMDA), a joint collaboration between Shanghai Data Exchange, Shanghai Ganglian, and related companies of CP Group, New World Development, and Sinar Mas Group. The academy has partnered with universities and think tanks to align with the Global Initiative on Data Security by assisting with standardizing international rules and technical standards for data management, including data flows, data security, and assessing the quality of data collected.
As we transition towards an increasingly digitized world, these two new initiatives help the Shanghai Data Exchange to establish itself as a platform that facilitates the trusted and secure exchange of data.
DEPC is one of the themed sessions for the Global Data Ecosystem Conference 2023 (GDEC 2023).