For example, when sharing data between telecommunications operators, customers are not required to manually fill in all your data when they decide to switch telecommunications companies, as these details can be retrieved. In summary, the framework aims to facilitate data exchange in order to promote the development of new products and services and to strengthen consumer confidence in the safeguarding of their data. Since the Trusted Data Sharing Framework has just been launched, it will be interesting to see how it turns out and how it is translated around the world. We are curious to see how initiatives like these can reduce barriers to organizations and consumers in order to offer the many benefits that data exchange can bring. These challenges include a lack of guidance on how to do this, the fear that data sharing is contrary to PDPC rules, and the fear that data exchange will lead to a loss of business competitiveness. The exchange of data between companies aims to improve the comfort and improvement of products and services for consumers and to enable businesses to benefit from greater efficiency. “If this leads to growing confidence in the private sector and its ability to collect data responsibly, it will benefit us all, as we will be able to accelerate our development towards the kind of trustworthy AI data solutions we all want,” said Janil Puthucheary, Premier of the State of Information and Information , at the annual technology conference held on 28 June in Festnov Unbound. “The framework can help improve practical standards and enable better, reliable data flows for the digital economy, both within the local ecosystem and globally. They can also strengthen new technologies such as artificial intelligence (AI) by including accountability, transparency and human design. Today, companies face many challenges when trying to use the data economy and share a valuable reliable IMDA data sharing framework. These include: the exchange of data between banks and telecommunications companies allows them to exchange information about customers` needs so that they can adapt credit cards or mobile phone plans that are more attractive to users. With this framework, IMDA expects consumers to be more willing to share their data and therefore benefit from more personalized goods and services. In addition, we are encouraged by the recognition of the importance of customer consent to all data sharing activities.
The next step will ideally be to develop the trust framework to incorporate practical active approval management mechanisms that will give individuals the opportunity to be part of the data economy. The Trusted Data Sharing Framework contains existing PDPC guides on anonymization and sharing of personal data, as well as new data assessment documents for data sharing and legal models for sharing contractual data. On the other hand, the company faces challenges in participating in data sharing. The lack of systemic approaches to facilitate data exchange and the difficulty of complying with the rules are just a few examples. In addition, it is difficult to build trust between partner organizations to exchange data and allay concerns about the disclosure of trade secrets or the loss of a competitive advantage. Singapore has put in place a framework to address the challenges that companies typically face when using data resources, such as the need to ensure compliance with legislation. B and the lack of standardized methods and the trust with which they have the data in common.