The Shanghai Data Exchange opened on Thursday with many nationwide “firsts” for its data trading ecosystem, intelligent transaction system and digital certificate.
The new exchange is designed to improve the use and management of data and connect “isolated data islands” to strengthen the construction of the city’s digital hub, while protecting privacy and ensuring tightly regulated data security.
More than 20 projects from eight sectors, including finance, utilities and transportation, completed their listing on the first trading day of the stock exchange.
Located in the Pudong New Area, the exchange includes organizations providing data transaction, data asset valuation, data security and other sectors to create a comprehensive industrial ecosystem in Shanghai, said officials. city officials and executives of the Ministry of Industry and Information Technologies.
Shanghai Mayor Gong Zheng unveiled the new exchange authorized by the government as a key part of the city’s plan to become “a global digital hub.”
Mechanism and innovation
In the future, more than 100 projects will debut on the exchange, which will involve traders, technology providers and lawyers to ensure the reliability and efficiency of data trading.
The exchange primarily targets users in businesses and organizations. All use and exchange of data will be done according to strict rules, such as “data to be used but not seen” to protect the security of individual data and the confidentiality of personal information.
It will solve the challenges and data flow and transaction issues around “five difficulties,” covering rights confirmation, pricing, trust, entry, regulation and supervision, officials said.
On its first trading day, the Industrial and Commercial Bank of China and Shanghai Electric Power reached an agreement on the integration and use of data between the finance and energy sectors.
Banks will now be able to easily access data from utilities and mobile operators when deciding to grant loans to businesses, thereby reducing their exposure to risk.
The official data exchange makes data sources “clear and reliable” by regulating commerce, said e-commerce companies that invest in data analytics to boost business.
Improved data security, confidentiality protected
Various methods are taken to ensure data security and protect privacy.
A data trade committee, made up of 31 professionals in the fields of law, finance, data industry, data security, public management and economics, was also established on Thursday. This makes commerce “safe, regulated and efficient,” officials said.
The delivery and data processing are handled separately in the new exchange. The processing is handled by third-party technology companies, which will ensure the security of the data, said Transwarp, the exchange’s technology services provider, based in Shanghai.
The data exchanged will not involve sensitive and personal information, said Shanghai Electric Power.
Data security is gaining more and more attention nationwide as China strengthens data and personal information protection and publishes new laws, such as the Personal Information Protection Law further implemented. early this month.