With the exponential growth of digital services and solutions in the region, a proliferation of data sharing across industries is more present than ever. Riding on technological advancements such as machine learning, the Internet of Things (IoT) and artificial intelligence (AI), it is now possible to access and analyse large volumes of data to enable smarter business outcomes in a fast and effective manner.
As organisations increasingly move data across sectors and borders, it is vital for all players to understand the risks of data sharing, ensure that data privacy is maintained, and explore ‘Data Sharing 2.0’ where data does not need to be shared in order to unlock the possibilities or insights sought after.
In Singapore, data protection laws have been in place for over a decade, protecting customers’ interests while supporting economic growth under a progressive regulatory environment. To commemorate this milestone, The Infocomm Media Development Authority (IMDA) and Personal Data Protection Commission (PDPC) recently announced the launch of Singapore’s first Privacy Enhancing Technologies (PET) Sandbox to further its commitment to supporting businesses who wish to pilot PET projects that alleviate challenges with data sharing.
Unlocking ecosystems through PET
At Aboitiz Group, we see the value in operationalising Data Science and AI (DSAI) to allow businesses to tackle specific industry, environmental, social, and governance challenges. As the Group’s DSAI arm, our goal at Aboitiz Data Innovation (ADI) has always been to offer organisations across industries tried and tested DSAI frameworks and solutions that will benefit both the business and the customers they serve. While we see the opportunities that come with data sharing, we also acknowledge the growing concerns around data privacy.
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As part of the 100-year-old company’s transformation journey into becoming the Philippines’ first techglomerate, the Group launched Parlay, our own data exchange platform powered by ADI.
Aligned with PET’s goals, Parlay aims to unlock ecosystems allowing the sharing of data and insights while protecting customers’ interests. While many organisations are aware of the benefits of data sharing, the reality is that some are still apprehensive about adopting the practice due to concerns such as the loss of control of data shared. Parlay addresses these problems by giving users a secure platform to publish and access data.
Ensuring data exchange and data privacy is baked at its core
It’s natural for organisations to have reservations around data exchange, as data privacy and security are top priorities. Operating on the cloud with enterprise-level security measures in place, Parlay bridges that gap by granting users full granular control and transparency of access, enabling the safety and security of all those who choose to be on the platform. Further, standardised legal contracts are attached to the data sets on Parlay to ensure compliance for all users, saving on time and costs.
Building high-value products and DSAI solutions through Parlay
We want to ensure that all key players across industries and sectors have a secure PET platform that enables them to develop and deploy AI solutions for real-world problems. Parlay was developed to create a place for organisations to spark inspiration and visualise new creative ideas through exploring data from other sectors.
When you walk into a museum and sit in front of the Monalisa, when you leave, it is with the inspiration it had given, not the actual painting. This is what we want to seed and proliferate. The ability to be inspired.
By interacting with diverse data sets in a secure virtual workspace, users have the ability to utilise data science tools and endpoints integrated directly into the platform to develop high-value data products and relevant DSAI solutions.
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Additionally, aggregating and analysing data from other sectors paves the way for organisations to visualise a myriad of possibilities in a way that was never this easy before and explore synergies with sectors you’ve never thought of collaborating with before.
Exploring infinite possibilities with data exchange
We see the possibilities of data exchange across industries such as manufacturing, where external data sources on weather and other factors can allow a full view of supply chain issues to mitigate risks early or even within the energy sector, studying data sets from smart homes to building management to drive operational efficiency and provide customers with advanced services.
These are only a few of the many examples of what cross-industry data exchange can help achieve for businesses and communities.
Data exchange also enables synergies and partnerships among private organisations, the public sector, other key strategic partners, and even consumers, especially in ensuring financial inclusion, environmental sustainability, clean and efficient utilities, and overall better services, among others.
Based on our own experience, we hope that organisations can start using PET such as Parlay to foster cross-industry and sector synergies and facilitate knowledge sharing on innovative solutions in a responsible manner.
Given what we have seen with Aboitiz Group, imagine all the possibilities we can unlock and challenges we can solve together in this digital economy with Data Sharing 2.0.
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