World Economic Forum: Greater regulatory supervision needed on the tech sector, says world leaders in Davos

Leaders from Japan, China, Germany, and South Africa spoke on Wednesday on the need for a governing vehicle to manage the technology sector and the use of data.

World Economic Forum Source: Bloomberg

World leaders are calling for greater supervision on the technology sector, suggesting barometers and an oversight on how data is used, while countries navigate in dealing with intricate issues such as data privacy.

Leaders from Japan, China, Germany, and South Africa spoke on Wednesday on the need for a governing vehicle to manage the technology sector and the use of data. Although there was no coordinated or structured strategy on how a global governing architecture on tech might look like, each leader spoke for their own domains and agreed that a form of governance is needed.

Worldwide governance on data, cybersecurity, needed

Japan’s prime minister Shinzo Abe said he will be using Japan’s chairmanship of the Group of 20 (G20) nations this year to push forward a new international system to create an oversight on how data is used.

He will attempt to push and expand on rules from the World Trade Organization to include trade in data and goods and services at the upcoming G20 event, he said.

Germany’s chancellor Angela Merkel meanwhile, called for a common digital market for the European Union (EU). An international oversight on data usage must be in place to support firms who are slower to change.

Although individual countries such as China and the United States have their own way of dealing with data security, there is no global architecture now that is suitable to deal with issues on privacy and social justice, which matters to the EU, said Mrs Merkel.

China’s vice president Wang Qishan cited on a need for greater international coordination in governance on the global tech sector, but added that each country should also have the liberty to set some of their own policies on tech.

South Africa’s president Cyril Ramaphosa also called for a greater oversight on the tech sector, with cybersecurity as a priority, and said the issue will be on the agenda when African Union leaders meet early next month in Addis Ababa, Ethiopia, in Africa.

See an opportunity to trade?

Go long or short on more than 15,000 markets with IG.

Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.

Related articles

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Updated
Change
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.