Hong Kong’s first-ever Smart Open Data Advancement Consortium formed to unleash a new era of data-driven innovation

The ‘Smart Open Data Advancement Consortium’ was officially launched on 1 November 2018 during Hong Kong FinTech Week, aiming to revolutionise data-driven innovation endeavours and create tangible impact through a secure and user-friendly platform to effectively leverage open data. The Consortium’s founding members are: ASTRI, City University of Hong Kong, Deloitte, FORMS SYNTRON, JETCO and Nova Credit.

[Hong Kong, 1 November 2018] Senior executives of the founding members of the Smart Open Data Advancement Consortium, and industry representatives attended the ceremony to launch the Consortium which will bring  ground-breaking improvements to various public services and commercial sectors in Hong Kong through data-driven innovation.

First of its kind in Hong Kong, the Consortium is being founded by six organisations: The Hong Kong Applied Science and Technology Research Institute (ASTRI), City University of Hong Kong, Deloitte, FORMS SYNTRON, JETCO and Nova Credit. As the membership base grows, the Consortium will strive to raise public awareness of the massive power of data, and promote cross-industry adoption of its platform to deliver maximised scale and impact. Targeting digital-savvy businesses and professionals, the Consortium will build a trusted data ecosystem where consent-based design will ensure full information security and privacy. In addition to saving time, effort and resources to deal with data, it will also mitigate fraud risk and adopt globally accepted best-case examples.

An ecosystem-driven initiative, the Consortium will enable public sector and commercial organisations in Hong Kong – and subsequently in the Greater Bay Area – to develop and implement data-driven smart applications and services to boost productivity and enhance user satisfaction. With its human and organisation-centric approach, it will provide a secure, user-friendly platform for various sectors to unleash the full power of data in their operations and businesses. From government agencies to industry regulators, public service providers to financial institutions, academia to different business sectors – the platform will adopt a Triple Helix model. In this model of innovation, academia and R&D centres come up with technological solutions and platforms, the Government sets the regulatory and enabling framework, while the industry leverages the innovation to enhance productivity and improve customer experience.

This initiative can be extremely impactful through a robust ecosystem-wide adoption in Hong Kong. It comes at a time when the Government and the industry are actively striving for better utilisation of big data to foster economic growth and offer better services to the people. In future, the Smart Open Data Advancement Consortium can also target the huge growth potential of business and innovation in the vibrant Greater Bay Area market.