
Hong Kong's Bold Quest to Rule the Global Data Market
2025-05-27
Author: Ming
Hong Kong's Ambitious Vision for Data Dominance
Hong Kong is ramping up efforts to transform itself into a powerhouse for global data trading. With a keen focus on strengthening ties with mainland China and Southeast Asia, the city is setting the stage for a data revolution. Financial Secretary Paul Chan Mo-po unveiled these exciting initiatives at the IDIA Global Summit, spotlighting how essential cross-border data sharing is for an AI-driven economy.
Harnessing the Power of Data
According to Chan, Hong Kong's open data portal boasts an impressive library of over 5,600 datasets, with more than 60 billion downloads in 2024 alone. He underscored the staggering value of data in today’s economy, referencing China's digital arena, which raked in over $4.8 trillion last year. This number is only expected to climb as advanced AI technologies thrive on rich, accessible data, unlocking new industrial and commercial horizons.
Innovators Unite at the Summit
The IDIA Global Summit showcased a convergence of over 100 participants from Hong Kong's data sector—including tech companies, financial institutions, and academic circles—who convened to discuss pivotal topics like cross-border data collaboration, security, and the adoption of scalable technologies. Officials from Thailand, Indonesia, the Philippines, and Pakistan also contributed to the vibrant dialogue.
Advancing Data Interchange and Accessibility
Chan further highlighted the success of the Hong Kong Monetary Authority's Commercial Data Interchange, which launched in 2022 and has already facilitated over 20 million data exchanges as of April 2025. This initiative is streamlining credit assessments, vastly improving loan access for small and medium-sized enterprises.
Hong Kong: The Gateway for Global Data Exchange
Reiterating Hong Kong's unique status as an open, diverse, and international city, Chan emphasized its commitment to fostering the free flow of goods, capital, talent, and crucial data within the framework of 'one country, two systems'. Hong Kong aims to solidify its role as a superconnector, linking China to the global market and establishing itself as a leader in the data economy.