China has just seen the launch of its first big data exchange in the national capital of Beijing.
The Beijing International Big Data Exchange (北京国际大数据交易所) was officially established on 31 March as a “data exchange for new forms of transactions” as well as “leading foundation infrastructure for data transactions and a key, international hub for cross-border data flows.”
State-owned financial company Beijing Financial Holdings Group led the launch of the exchange with the guidance and support of the Beijing municipal government.
Beijing deputy mayor Yin Yong (殷勇) said that the Beijing International Big Data Exchange was a form of “fintech infrastructure” that would focus on the cultivation of a data transactions market and unleashing the value of data as a factor of production, as well as providing the entire world with its services.
According to Yin the exchange provides innovations in three key areas:
- Innovative transaction models. According to Yin the Exchange will involve the “establishment of new data concepts, the adoption of multiple models for data based on different qualities, and expediting integrated usage of data.” Public data will be provided to society openly and free of charge via the Beijing Administrative Data Resources Network, and for financial data authorisation and joint models will be adopted.
- Innovative transaction regulations. The Exchange makes use of the Chang’an Chain for its base technical architecture, and employs market-based pricing of data services.
- An innovative transaction ecosystem. The Exchange brings together multiple parties including data source providers, algorithm participants, site participants, technical support parties and data transaction service parties to jointly establish the Beijing International Data Transaction Alliance (北京国际数据交易联盟), encompassing a broad range of companies include central state-owned enterprises, Internet companies and multinationals.