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November 26, 2021

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Data exchange launched in Shanghai

THE Shanghai Data Exchange designed to improve data usage and management and connect “isolated data islands” to boost the city’s digital hub construction, was inaugurated yesterday.

Over 20 projects from eight sectors, including finance, public utility and transportation, completed their listings on the first trading day yesterday.

Located in the Pudong New Area, the exchange includes organizations servicing data transactions, data asset evaluation, data security and other sectors to build a complete industry ecosystem, officials and executives from the Ministry of Industry and Information Technology said.

Shanghai Mayor Gong Zheng unveiled the exchange as a key part of the city’s blueprint to become “a global digital hub.”

More than 100 projects will be launched at the exchange and will be attended by traders, technology providers and lawyers to ensure the data trade is reliable and efficient.

The exchange will protect privacy and ensure strict data security.

It will mainly target enterprises and organizations. All data usage and trade will be done under strict rules, such as “data to be used but not seen” to protect individual data security and personal privacy.

It will solve challenges and problems for data flow and transactions relevant to “five difficulties,” covering rights confirmation, price evaluation, trust, entry and regulation and supervision, officials said.

Also, the Industrial and Commercial Bank of China and Shanghai Electric Power reached a deal involving data integration and usage between finance and energy industries.

Banks will now be able to easily access data from public utilities and mobile carriers when deciding on loans to businesses, thus reducing their risk exposure.

The official data exchange makes data sources “clear and reliable” by regulating the trade, according to e-commerce firms that invest in data analysis to boost business.


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