Business Daily Media

Shanghai Data Exchange Goes International, Becomes New Channel for Foreign Digital Business

  • Written by Business Daily Media

SINGAPORE - Media OutReach - 24 November 2022 - The first stop of the Global Data Ecosystem Conference 2022 kicked off in Singapore on the afternoon of Nov. 22. The Singaporean stop is themed "International Data Trading Practice and Data Ecosystem Construction" and will have Singaporean government departments and agencies, as well as well-known international institutions and companies, as guests.

The conference aims to promote the high-level opening-up of the data factor market, activate internal technology and capital flows and trade logistics relying on data flows, share data exchange practices, and co-build a new global data ecosystem according to the Digital Economy Partnership Agreement (DEPA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and other internationally generally accepted rules for the digital economy.

The Singaporean stop is an important part of this year's conference. It is hosted by the Shanghai Data Exchange under the guidance of the organizing committee of the Global Data Ecosystem Conference and co-hosted by Yicai Media Group, with the help of SGTech, the leading trade association for Singapore's tech industry, the International Data Spaces Association, Cosco Shipping Technology, and Chinese blockchain conglomerate OKG.

The success of the Singaporean stop is a good start for the conference. It helps build access to the international data factor market and data exchange, pursues and strives for development with a global perspective, advances the construction of a new global data ecosystem, and is also a significant gateway.

The conference will reportedly hold 20 high-level forums in Shanghai, Singapore, Shenzhen, Chongqing, and Hefei on the themes of "Basic Institutional Theories for Data Factors," "Laws, Standards, Rules for Data Factors," "Data Factor Exchange Ecosystem," "Key Technologies for Data Factor Circulation," "Data Factor Asset Practice," and "Global Cooperation of Data Factors." More than 500 data ecosystem companies and professional agencies, as well as over 200 guest speakers, will participate in the conference to discuss new forms, patterns, and development directions of the data ecosystem and promote data factor circulation and the development of the digital economy.

Shanghai and Singapore Share Opportunity as China Opens Up

The report to the 20th National Congress of the Communist Party of China stressed accelerating the development of the digital economy, further integrating the digital economy with the real economy, and building internationally competitive digital industry clusters. The digital economy is becoming a key force in reorganizing global factor resources, reshaping the global economic structure, and changing the global competition pattern. It is also an important foundation for accelerating the transformation of human society and promoting the construction of digital civilization. China is speeding up the application to join the CPTPP and the DEPA to match the world's leading international rules on the digital economy, expand the opening up of the digital economy, and promote the orderly flow of data. Singapore has been successful in building a data factor market in recent years, and SGTradex, a data-sharing and exchange platform based on trade logistics, and SGFinDex, a data-sharing platform based on finance, have laid a solid foundation for Singapore's digital economy.

With the mission of "building a data factor market and promoting data capitalization," the Shanghai Data Exchange has set up the first overseas branch, in line with the positioning of building a national data exchange. The Shanghai Data Exchange picked Singapore as the first stop for "going overseas" and officially established a liaison office there to lay the foundation for the construction of the Shanghai Data Exchange's international department, bridge Shanghai and Singapore, and promote the interconnection of their data ecosystems, so as to provide experience for international data flow principles and step up the global layout of the digital business ecosystem. Lu Yong, vice president of the Shanghai Data Exchange, and Antoine Cadoux, chief executive officer of SGTraDex Services, jointly unveiled the Shanghai Data Exchange-Singapore Liaison Office.

Heavyweight Guests Discuss About New Ecology of International Data Exchange

Lu Yong introduced the scale, main driving forces, development speed, and other factors of China's data circulation and exchange market in a keynote speech named "Data Factor Market Building in China." He noted that the "data ecosystem," a concept first proposed by China, plays an indispensable role in data generation, innovative use, data circulation and exchange, data technology innovation, data governance and management, and others. China's experience in data ecosystem development will be beneficial to promote the integrated development of the international data ecosystem, Lu pointed out.

Antoine Cadoux, Boris Otto, managing director of the Fraunhofer ISST and deputy chairman of the IDSA Board, and Lars Bäumann, IDSA ambassador to China, gave keynote speeches on data exchange practice sharing, telling their experiences in data exchange in Singapore and Europe.

In recent years, global companies have been working to create unified systems and platforms for data management, API services, and more. Kam Yoke May, engineering productivity director of the Government Technology Agency of Singapore, gave a keynote speech on "API Exchange (APEX)," demonstrating the innovative practice in public data opening and sharing.

James Liu, director of Financial Services at Google, made a speech titled "Make the World a Better Place Through Innovation & Disruptive Technology." David Ng, Deloitte SEA Consulting, AI & Data director, gave a keynote speech on "Data Service Provider Practice."

Since the Covid-19 pandemic, the global digital economy has entered a new stage. Alternative data covering a wide range of sources are widely used in various fields and have become an important production factor in the digital economy era, making the analysis and evaluation of alternative data an indispensable part of an economic situation analysis and business decision-making. The event featured a "Fireside Chat" themed "Alternative Data Innovation in Asset Management," moderated by Jay Shen, senior expert of BAM Asia Pacific Data Strategy Partnership. Andrew Sun, chief revenue officer of CriAT, Alice Zhang, sales director of Datayes, David Dcolella, general manager of YipitData, and Lu Yong attended the event to discuss the innovative application and value of alternative data in different fields.

Xiao Shiqi, product director of OKLink, talked about "Web 3.0 Technology & Data Exchange." He said that Web 3.0 is essentially a data evolution driven by technological innovation, as well as an industry ecology dedicated to data capitalization. Xiao believes that Web 3.0 can provide new ideas and solutions for the development of the data factor market from the aspects of data, technology, and application. Blockchain data, as an important part of the future data factor market, is greatly relevant to the future of cutting-edge innovations, including the blockchain industry and Web 3.0. However, as it is still in an early stage, the blockchain data industry needs more institutional players to promote the common prosperity of its ecology and the data factor market.

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