Summary:
Hong Kong is intensifying its efforts to establish itself as a global data-trading hub. At the inaugural International Data Industry Alliance (IDIA) Global Summit, Financial Secretary Paul Chan Mo-po highlighted data’s central role in the AI economy and emphasized cross-border collaboration with China and Southeast Asia.
Data as a Catalyst for the AI Economy
At the IDIA Global Summit held on May 27, 2025, in Cyberport, Hong Kong, Financial Secretary Paul Chan Mo-po outlined Hong Kong’s ambition to become a central player in global data trading. He emphasized that data is a fundamental driver of innovation, benefiting both businesses and individuals as the AI economy expands.
Chan noted that the city is committed to data openness and sharing, particularly for use by the private sector and academia. Hong Kong’s open data portal, offering over 5,600 datasets, recorded more than 60 billion downloads in 2024 alone—demonstrating the scale and appetite for accessible data.
Expanding Cross-Border Data Partnerships
Highlighting the importance of international cooperation, Chan said that Hong Kong is actively engaging with partners across mainland China and Southeast Asia. Representatives from governments and industries in countries such as Thailand, Indonesia, the Philippines, and Pakistan attended the summit, indicating broad regional interest in data collaboration.
One notable initiative is the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, which has successfully implemented secure cross-border sharing of research data and biological samples, supported by consent protocols and regulatory safeguards.
Infrastructure to Support Data-Driven Innovation
Chan pointed to the Commercial Data Interchange, launched in 2022 by the Hong Kong Monetary Authority, as a major step forward. This system has already handled over 20 million data exchanges, streamlining credit assessments and helping small and medium-sized enterprises access loans more easily.
In terms of investment, Hong Kong continues to attract strategic tech enterprises. The Office for Attracting Strategic Enterprises has drawn in more than 80 firms across AI, fintech, biotech, and new energy sectors. Additionally, InvestHK facilitated the establishment of around 120 innovation and technology companies last year.
Building a Responsible Data Ecosystem
Allen Yeung, honorary chairman of IDIA, emphasized the importance of ethical data management. He warned that as data transforms industries ranging from healthcare to education, strong safeguards and responsible usage must underpin data strategies.
Leo Chen, president of KN Group, echoed this sentiment, stating that while data is the backbone of digital advancement, its full potential can only be realized through secure, efficient global circulation.
Launch of International Data Industry Research Centre
As a key outcome of the summit, IDIA announced the establishment of the International Data Industry Research Centre in Hong Kong. Paul Chan described this as a crucial step toward facilitating global cooperation on data standards and encouraging research-based dialogue.
The centre aims to foster mutual development across economies by promoting collaborative projects and unified frameworks for data governance.
Source: South China Morning Post
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