Hong Kong – With the 20th anniversary of the Shanghai-Hong Kong collaboration mechanism, the Global Data Ecosystem Conference 2023 was held to further bolster comprehensive data exchange and collaboration between Shanghai and Hong Kong, significantly strengthening the digital economy partnership between the two cities and collaboratively fostering a high degree of openness in the data asset market.
Marking the event’s highlight, the Hong Kong Chamber of Data & Digital Commerce Organizing Committee was formally established, marking its initiation by signing a strategic cooperation agreement with Shanghai Data Service Provider Association, aimed at jointly developing the Shanghai-Hong Kong data ecosystem.
The agreement outlines a collaborative effort in launching new data products, building a comprehensive data ecosystem, and supporting third-party service providers, with a focus on fostering mutual empowerment and the growth of data assets in both regions.
Highlighting the critical need to develop the data asset market, establish strong digital governance, and improve data technology systems, Herbert Chia, a board member of the Hong Kong Science and Technology Parks Corporation, said, “Data will become the core of future decision-making, and digital transformation is now an irreversible trend in economic and social development.”
Moreover, Shanghai and Hong Kong are also jointly concentrating their efforts on developing the data factor market, further enhancing their comprehensive exchange and cooperation. Leveraging Shanghai’s proficiency in data exchange, initiatives are in progress to extend the utilisation of open data in Hong Kong while facilitating the listing and trading of data products originating in the city.
Efforts on this were shown back in April 2023, when the Shanghai Data Exchange launched the International Board to pioneer mechanisms for two-way cross-border data flow, enhancing its data exchange compliance services and ensuring secure transfer of data products across borders.
Lastly, the event focused on showcasing Hong Kong and Shanghai as international financial centres that have tremendous potential for cooperation. Further expounding upon this Gao Yaping, equity partner, head of data compliance business at Duan & Duan, mentioned that there is a significant opportunity presented by the mainland Chinese market, suggesting that Hong Kong companies can leverage this market as a starting point for global expansion, particularly through the listing and trading of data-related products.
Looking ahead, the collaboration between the two cities will be aiming to capitalise on each other’s strengths to establish a major international hub and facilitate cross-border flow of data products.
