Senior Minister of State for Communications and Information and Transport Janil Puthucheary said at the Innovfest Unbound tech event on June 28 that the Trusted Data Sharing Framework was developed by the Info-communications Media Development (IMDA) and the Personal Data Protection Commission (PDPC), in consultation with organisations in the industry.
Trust is an important factor in the use of data and artificial intelligence (AI), he said, adding that establishing trust can be complex, while companies have started to recognise the value of data.
According to IMDA, the new framework will establish a common data sharing language by providing a systematic approach to understanding the considerations about data sharing.
With this new document, firms in Singapore can share data in a trusted and responsible way to create better products and services while reducing business costs.
The IMDA said the framework addresses several challenges which organisations face in sharing their data with others, including a lack of guidance on how to do share, concerns that data sharing could run afoul of PDPC regulations, and fears that sharing data could lead to a loss of business competitiveness.
Janil said that trust in data will be key to allowing Singapore to realise the potential of the digital economy.
Singapore's Digital Economy Framework for Action shared an estimate that the digital economy would contribute an additional 10 billion USD to its GDP by 2021, he added.
