Political heavyweights, Chinese mainland and Hong Kong officials, and data industry specialists say Hong Kong should make good use of its advantages in promoting the flow of data elements, play its role in activating the value of data elements, and demonstrate its role in global data ethics.

They made their comments at the launch ceremony of the International Data Industry Alliance on Thursday. The alliance was forged by the Greater Bay Area International Information Technology Industry Association (GBAITA), Institute of Big Data Governance (iBDG) and other mainland and overseas industry organizations.

“Even though Hong Kong does not own the data, the city’s openness, rule of law and good business reputation enables it to become an international data hub which is pivotal to its economic and social development,” said GBAITA Chairman Leung Chun-ying, who is also a vice-chairman of the National Committee of the Chinese People's Political Consultative Conference.

The former chief executive of the Hong Kong Special Administrative Region added that “if Hong Kong is an international data hub, coupled with the technology backup, the city can turn its traditional niches in international trade to become a digital trade hub”.

“The alliance will focus on data governance and privacy protection, attract global leading companies and technology pioneers to gather in Hong Kong, build a resource sharing platform, accelerate the transformation of scientific research results, and promote the integrated development of industry, academia and research,” Leung envisaged.

For promoting the digital economy in Hong Kong, Financial Secretary Paul Chan Mo-po said the SAR government will promote data flows, explore digital infrastructure and hasten digital transformation, as well as nurture digital talent.

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“The administration actively promotes open data policies, including encouraging government departments to share data with private enterprises, for fully unleashing the value of data through exploring more data application scenarios and making products and services more diversified and inclusive,” Chan said.

The finance chief said that the Commercial Data Interchange launched by the Hong Kong Monetary Authority — an initiative that enables financial institutions to access public and private business data for making loan-approval decisions — facilitated more than 42,000 loan applications and reviews at end-2024, involving a total credit approval amount of more than HK$35 billion ($4.5 billion).

Chan said more work needs to be done to optimize the functionality and popularity of local electronic payment systems and promote the connectivity of local and overseas payment systems, as well as to accelerate the digital transformation of Hong Kong’s small and medium-sized enterprises.

Liu Guangyuan, deputy director of the Liaison Office of the Central People’s Government in the Hong Kong SAR, said, “as the Asia-Pacific data center hub, Hong Kong plays a role in effectively protecting data property rights, standardizing data transactions, reducing cross-border data risks, and achieving secure and efficient data flows.”

The deputy director added that Hong Kong can exchange experiences and views in the process of exploring global issues and solutions related to data ethics, and strive to amplify the country's voice and influence in the field of data ethics.

In pursuing the development of the digital economy, Liu said, Hong Kong can combine with the national development of the Guangdong-Hong Kong-Macao Greater Bay Area to enable the city to better leverage its unique status and advantages.

GBAITA President and iBDG Founding Chairman Allen Yeung Tak-bun said that, to promote the development of the digital economy and establish an international data space effectively, it is necessary to cultivate homegrown professionals proficient in data analysis operations and regulatory supervision.

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Yeung added that the alliance will serve as an important platform to connect global data circulation, and promote data flows and development among different industries.