The Banking Executive, Issue 155, November 2021

Who Will Govern Global Data? INTRODUCTION Global data governance is the main gateway to the Global Digital Econ- omy. In this article we consider the important theme of global data gov- ernance and the development of the global data infrastructure for the global digital economy platform. This article takes you into an intro- ductory journey from data to global data governance and infrastructures emphasizing the importance of data security and protection. Following this introduction, the article presents steps to build data infrastructure and the various building blocks of data infrastructure. The article draws at- tention to main challenges facing global data and global data infra- structure and overviews various ini- tiatives to address these challenges. Initiatives overviewed include the G20 initiative, UNCTAD, and the Eu- ropean Union GAIA-X project to de- velop Europe global data infrastructure. The article concludes with a roadmap for Arab banks and authorities to lead the development of the global data infrastructure for the global digital economy platform serving the need of all sectors includ- ing finance, global trade, climate, healthcare and other vital economic sectors. FROM DATA TO GLOBAL DATA INFRASTRUCTURE AND GOVERNANCE In this section we briefly overview the evolution of the concept of data to global data infrastructure. The terms “data”, “data governance”, “data localisation”, “data infrastruc- ture”, “global data”, “global data in- frastructure”, and “global data governance” are overviewed. Data. The term “data” refers to information created, processed, saved, and stored digitally by a computer in ones and zeros—or binary format. Network the BANKING EXECUTIVE 8 ISSUE 155 NOVEMBER 2021 WHO WILL GOVERN GLOBAL DATA? THE NEXT GENERATION GLOBAL DATA INFRASTUCTURE FOR THE GLOBAL DIGITAL ECONOMY PLATFORM GDEP BY DR SOHA MAAD