The opening ceremony of the Shanghai Data Exchange was held in Shanghai on November 25, 2021, a move under China’s big data strategy toward fostering a well-functioning, secure, and privacy-first fair data market to facilitate data circulations and transactions. At this event, the Shanghai Data Exchange Expert Committee was also established and data transactions occurred.
After nearly six months of preparation, Shanghai Data Exchange signed up with 100 data companies in the initial batch, including data trading entities State Grid Shanghai Electric Power Company, China Eastern Airlines; law firms Co-effort, King & Wood Mallesons, and Zhonglun; accounting firms PwC and Deloitte; and SaaS companies Fudata, UCloud and Transwarp. Hylink, the leading integrated marketing communications company in China, is a shareholder of Shanghai Data Exchange and was also invited to be part of the first batch of signed partners.
Shanghai Data Exchange was established to focus on a series of solutions to critical problems: the definition of data ownership, data pricing, privacy and compliance, market entry, and stewardship. Their initiatives include:
- Implementing the first data ecosystem covering data compliance consultation, quality assessment, asset evaluation, delivery and other fields to standardize the data trading exosystem and trading entities.
- Launching a support system for data transactions that provides a series of institutional standards and regulations covering every step in the whole data transaction process, led by the basic principle of “no listing without compliance, no trading without using data models”.
- Introducing the first all-digital data trading system and a new generation of intelligent data trading systems to ensure that data trading is listed and traceable nationwide at any time throughout the whole process.
- Insuring data product registration certificate and data transaction certificate to ensure each data product has a corresponding certificate code that can be registered, collected, and searched.
- Releasing a data product manual to make data readable from abstract data into concrete products.
Hylink has taken the lead to transform the emerging challenges in this era into opportunities to better help brands and society with their professional insights and experience over the decade in information communications, big data and AI processing capabilities. Since 2010, Hylink has actively invested in the programmatic advertising area, acquired the professional programmatic marketing company PageChoice Technology, established the digital lab D-lab in Silicon Valley and strategically partnered with multiple third-party independent data companies.
Partnering with Shanghai Data Exchange, Hylink plans further to integrate more compliant data into various business scenarios. This will assist brands with digitization and provide collaborative opportunities with other brands by cultivating a transparent, fair and well-functioning data transaction ecosystem for the public.