Data Valley celebrates 1-year anniversary with transactions totaling $632m

The Data Valley in the Hangzhou High-tech Zone (Binjiang district) announced its achievements within its first year of establishment on April 8.

The framework and governance system for trustworthy data circulation infrastructure are the most significant achievements made by the valley over the past year. The system focuses on data transaction venues, the internet of things, "data invoices" (digital certificates for data compliance circulation), and blockchain inter-chain recognition mechanisms.

The framework system has been applied in six real-world scenarios in industries such as finance, biomedicine, and multimedia, and has completed its first transaction verification in 10JQKA's customer analysis and Fullink Techfin's rural inclusive financial services.

The Data Valley's data circulation compliance center and committee were inaugurated on the same day. Meanwhile, the Data Valley Data Reform Sandbox Pilot Program along with the first group of 21 enterprises top enter the sandbox were announced.

The Zhejiang Big Data Trading Center and the Hangzhou Data Exchange have already been established in the valley, with a total of 1,767 data products listed, 1,254 registered data merchants, and transactions totaling 4.58 billion yuan ($632 million).

The Hangzhou High-tech Zone in Binjiang district will also support eligible enterprises in establishing or relocating to data groups, data companies, or data research institutes, providing a maximum subsidy of 50 million yuan.