A group of entrepreneurs have established the Institute of Big Data Governance with a mission of transforming Hong Kong into a global data hub.
The institute has been established by former HKSAR government CIO Allen Yeung and Sequioa Capital China venture partner Herbert Chia, along with industry leaders from companies including Alibaba, AWS, Bank of China, Cyberport, EY, Google, HKSTP, Microsoft, SAP, Smart City Consortium and Tencent.
The IBDG will operate as a non-profit, neutral and open forum for promoting good data governance among big data users, regulators ,governments and institutions across Hong Kong and in other markets.
Yueng, who is serving as founding chairman of the IBDG, said the institute was founded based on the belief that industry players must work together, and enact self-governance that goes above and beyond any regulatory obligations, in order to ensure healthy development of the big data industry.
He noted that IDC has predicted that the global market for big data and business analytics solutions will grow from an estimated US$166 billion in 2017 to US$260 billion in 2022.
“IBDG aims to act as a conduit for industry stakeholders to develop a mechanism to facilitate and streamline cross border data flow using Hong Kong’s unique position, under one country and two systems, Yeung added.
“Under the 9+2 Greater Bay Area collaboration framework, cross border data flow becomes an important enabler.”
As its inaugural initiative, the IBDG held the Digital Economy and Big Data Governance Symposium to allow regulators, researchers and technology and business sector leaders to share their views on the issue.
During a keynote speech at the event, HKSAR privacy commissioner for personal data Stephen Wong stressed the importance of establishing proper data governance in order to ensure protection of personal data and establish Hong Kong’s reputation for cross-border trade and commerce.
Wong will act as an advisor during the first term of the IBDG's council. Other advisors will include Secretary-General of the National 13th Five-Year Plan Expert Committee Ping Du, HKSTP chairman Sunny Chai and Cyberport chariman George Lam.
Council members include HKSTP CEO Albert Wong, AWS managing director for Greater China Alex Yung, Microsoft Hong Kong and Macau general manager Callly Chan and Cyberport CEO Peter Yan.