The Banking Executive, Issue 155, November 2021

Who Will Govern Global Data? Leveraging Artificial Intelligence The OECD Digital Economy Outlook report 2021 considers all aspects of the digital transformation following the COVID-19 pandemic and put measures to contain the COVID-19 pandemic impact on OECD coun- tries relationship with digital tech- nologies. Global dependency on digital technology touched all as- pects of society from education to health. Teleworking, distance learn- ing and e-commerce have surged across the OECD, as well as uptake of digital tools in businesses. Govern- ments, businesses and academia have been quick to grasp the poten- tial of artificial intelligence (AI) to contribute to the crisis response, as well as the need for timely, secure and reliable access to data within na- tions and across borders. Global sharing and collaboration in research data have reached unprecedented levels. Innovative approaches to governing data and data flows The Digital Economy Report 2021 entitled "Cross-border data flows and development: For whom the data flow", published by the UNCTAD, United Nations Conference on Trade and Development division on tech- nology and logistics, calls for inno- vative approaches to governing data and data flows to ensure more equi- table distribution of the gains from data flows while addressing risks and concerns. It points to the complexi- ties involved in governing data and data flows across borders in ways that can bring sustainable develop- ment benefits. The report lay down policy-oriented analytical work on the development implications of information and com- munications technologies (ICTs) and e-commerce and promotes interna- tional dialogue on issues related to ICTs for development, and con- tributes to building developing coun- tries’ capacities to measure e-commerce and the digital econ- omy and to design and implement relevant policies and legal frame- works, and manages the eTrade for all initiatives. The COVID-19 pandemic has accel- erated the process of digital transfor- mation and added urgency for Governments to respond. The key challenge addressed in UNCTAD re- port is how to govern and harness the surge in digital data for the global good. It has been estimated that global Internet traffic in 2022 will ex- ceed all the Internet traffic up to 2016. Data have become a key strategic asset for the creation of both private and social value. How these data are handled will greatly affect world ability to achieve the Sustain- able Development Goals. Data are multidimensional, and their use has implications not just for trade and economic development but also for human rights, peace and security. Responses are also needed to miti- gate the risk of abuse and misuse of data by States, non-State actors or the private sector. The Digital Economy Report of the United Nations Conference on Trade and Development examines the im- plications of growing cross-border data flows, especially for developing ISSUE 155 NOVEMBER 2021 the BANKING EXECUTIVE 13 Figure 3: Traditional Supply Chain and Big Data Value Chain (Source: The G20 Policy Brief No. 155 of September 2019)