This Week in Data – 5 July

This week in data – 5 July: Each week, we compile the best stories in data. Get up to speed on this week in data without having to search for it.

 

Singapore launches new data sharing framework

If there are a few places pioneering data sharing and data governance around the world, then Singapore should be near the top of the list. The country has launched a new framework for companies to share data, hoping to tackle some key problems including a lack of systemic thinking for using data sharing tools, and few ways to actually value information.

We’re quoted in this one, so give it a read

THE TAKEAWAY:

“Speaking to TODAY, Ms Lynn Thompson, general manager of Data Republic Singapore…said “the reality is that data sharing is difficult…Things can get complicated quickly, so very few companies are able to execute and scale data collaborations in a meaningful way”.

 

Japan is getting in on the action too

Over at the G20, Japanese Prime Minister Shinzo Abe announced something called the “Osaka Track”. It’s an international agreement to help share information, or at least, an agreement to develop rules to share information. At a time when data sharing and information gathering is under scrutiny, the global focus on solving cross-border data flow is a good development – or a hindrance, depending on your country’s point of view.

THE TAKEAWAY:

“Views on data and privacy vary across the globe. The European Union is apprehensive over data sharing outside of the bloc due to privacy concerns, while China and Russia, who signed the Osaka Track statement, are examples of two prominent G20 countries that have established their own data-transfer regulations.”

 

Why America needs a federal privacy law

Several states, notably California, have attempted to introduce data privacy bills. This thoughtful – and long – New York Times piece explains why there needs to be a federal version. Of course, it’s already working on one – several have been suggested. But as the piece points out, it’s time for something comprehensive.

Not only would a law harmonize different efforts both domestically and internationally, but it would also drastically simplify just…everyday life. No more ridiculously length terms and conditions, for one thing.

THE TAKEAWAY:

“There are many reasons to support federal privacy legislation. A federal law would set a consistent standard for how companies treat consumers’ personal information and would inspire greater confidence in how responsible companies behave.”

 

Open banking is still years away

Hey, remember all that open banking talk happening in Australia? Well, it’s still on the move…but it might be quite a few years away. That’s according to this new piece in the Australian Financial Review, in which it quotes a bunch of different sources. Here’s one potentially scary finding: lenders won’t need to rely on benchmark tools anymore when they have actual spending data in front of them.

For some people? That’s a great advantage. For others? Perhaps a scary development.

THE TAKEAWAY:

Customers will need to be prepared for a world where banks and fintechs no longer rely on self-reported information.”

 

Can banks delight you with data?

Somewhat related. Is it reasonable to expect banks to give you better services with data, while still managing your privacy at the same time? TechwireAsia asks that very same question, and comes to a rather nuanced conclusion: yes, kind of, maybe. 

THE TAKEAWAY:

“Being aware of what data we are sharing, how it can be used, what rights we are granting to that data, how we may be able to revoke them are all important ways in which we as individuals can protect our data.”

 

Imagine if Google gave you data profits

That would be sweet, hey? It might not be so far-fetched, according to this piece in Android Authority. The piece argues that if tech companies, including Google and Facebook, were to share the profits of any efforts in which they used your data, it could act as something like a universal basic income.

Neat.

THE TAKEAWAY:

“While earning a couple of extra bucks each month from your Google data might not significantly change your life, it would be an extra injection of passive income. It would be money earned not from working but from simply existing.”

 

That’s our wrap for this week. Thanks for reading – we hope you found it entertaining and informational. We’d love to hear your thoughts on these articles and anything else data related! Email us anytime at enquiries@datarepublic.com!

Until next week,

Team Data Republic