(Yicai Global) Nov. 23 -- The Shanghai Data Exchange has set up its first overseas branch in Singapore, where the first stop of the Global Data Ecosystem Conference 2022 was held yesterday, with the goal of building a data factor market and promoting data capitalization.

The Singapore office will lay the foundation for construction of the Shanghai Data Exchange's international department and a bridge between Shanghai and Singapore, and enhance the interconnection of the two cities' data ecosystems to promote international data flow principles and step up the global layout of the digital business ecosystem.

The Shanghai Data Exchange was set up a year ago to enable the trading of huge volumes of data in the same way as commodities. It has more than 100 digital products for trade in categories such as finance, transport, energy, and communications, according to its website.

In recent years, global companies have been working to create unified systems and platforms for data management, application programming interface services, and more. Singapore has been successfully building a data factor market in recent years, with SGTradex, a data-sharing and exchange platform based on trade logistics, and SGFinDex, a data-sharing platform based on finance, having laid solid foundations for its digital economy.

China is speeding up its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement to match the world's leading international rules on the digital economy, further opening up the digital economy and promoting the orderly flow of data.

The Shanghai Data Exchange is hosting the Global Data Ecosystem Conference in cooperation with SGTech, the leading trade association for Singapore's tech industry, the International Data Spaces Association, Cosco Shipping Technology, and Chinese blockchain conglomerate OKG. 

Under the theme of ‘International Data Trading Practice and Data Ecosystem Construction,' the conference will hold 20 high-level forums in Singapore, Shanghai, Shenzhen, Chongqing, and Hefei. Singaporean government departments and agencies, more than 500 well-known international institutions, companies, and professional agencies, as well as 200 guest speakers, will participate in the conference.

Lu Yong, vice president of the Shanghai Data Exchange, introduced the scale, main driving forces, development speed, and other factors of China's data circulation and exchange market in a keynote speech on the opening day of the GDEC. China's experience in data ecosystem development will be beneficial to promote the integrated development of the international data ecosystem, he pointed out.

Antoine Cadoux, chief executive officer of SGTraDex Services, Boris Otto, managing director of the Fraunhofer ISST and deputy chairman of the IDSA Board, and Lars Bäumann, IDSA ambassador to China, also gave keynote speeches and shared their experiences in data exchange in Singapore and Europe yesterday.

Web 3.0 is the evolution of data driven by technological innovation, an industry ecology dedicated to data capitalization, Xiao Shiqi, product director of OKLink, said in its ‘Web 3.0 Technology & Data Exchange’ speech at the GDEC yesterday. 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, Xiao said.

Editors: Shi Yi, Futura Costaglione