The Data Escrow Service Platform of Beijing, developed by Beijing International Big Data Exchange (BIBDE), has officially been put into operation, becoming China's first data escrow platform supporting cross-border flow of enterprises data.

In order to tackle the cross-border data flow challenges faced by enterprises seeking related services and facilitate their global business operations, BIBDE has, in compliance with regulations, made in-depth investigations and analysis of the enterprises' demands. The findings has led to the launch of a pilot program for compliant escrow of cross-border data and establishment of a new platform, pioneering nationwide with a focus on cross-border data services. A pilot platform for data escrow services has been established and put into operation. Recently, BIBDE signed a service agreement with a multinational company to manage, store and desensitize domestically generated data.

In the next step, Chaoyang District will work with BIBDE to continuously expand the scope of the pilot program, providing innovative services such as compliance consulting, data masking, escrow management, technical auditing, and other value-added services related to cross-border data operation for domestic and international enterprises. Together, the two sides will actively explore the flow path of cross-border data in compliance with specific rules and cooperative norms, and set up pilot programs for enterprises data flow, so as to lay a solid foundation for the development of the "Two Zones" and building a global model city for digital economy in Beijing Municipality, ultimately to build up a cross-border data flow hub of international influence.

(Source: People's Daily Online)