Opportunities and Policies for Innovation in

Data-Centric Economy Fuji Xerox SPARK Innovation Expo 17 Nov 2016

the lifeblood of any business

in the years to come

Big data: using structured and unstructured data in innovative ways to promote efficiency, productivity and to develop new product offerings in a more meaningful way.

Commercialisation of disruptive new data-driven services is reshaping our economy Examples: • data analytics • machine learning • artificial intelligence • data brokerage • data marketplaces • On-demand services

How to capture opportunities? E.g. FinTech

Lending Payments/billing Personal finance / wealth management Money transfer Blockchain/digital currencies Institutional tech Equity crowdfunding InsurTech

◇FinTech’s definition continues to evolve

◇Technology continue advancing the banking, financial services and insurance sectors

data

no smart city works without data

Hong Kong: aiming at developing into a

‘Smart City’ in the years to come

use of open data policies: enable software-driven urban

management tools

Smart grid, smart home, smart living

Real Time Traffic Data across public transport

From BIG data to SMART data with AI and machine learning

Create value by focusing on meaningful pieces of information for more accurate decisions

UI that can read your mind to suggest or highlight

actions that are relevant will generate biggest value

Improve engagement and turning first time customers into repeat buyers.

45% of online shoppers are more likely to shop on a site that offers personalised recommendations Source: Invesp

How can data improve eCommerce? Predictive Analytics

Predictive Search Targeted Recommendations and Promotions Pricing Optimisation Fraud Management Inventory Management Business Intelligence

How can the legal and policy environment be changed to support data-driven economic activities?

Help incumbents evolve: build

collaboration and networks to

spur innovation

Maintain effective market

competition, ease of market

entry

Test in Sandbox: more

collaborative approach to

regulation, test first regulate later

Clarity in regulations: foster

certainty and consumer trust

Open data and API: in public

and private sector

Policy

Creating market

demand

Talent and capacity building

Making Data Work

User-centric mindset

Innovation-friendly

regulations Infrastructure

balance the needs of citizens, industries and new digital businesses

with globalised data-driven platforms and services

Crucial: Privacy CyberSecurity Trust

Facebook: Charles Mok 莫乃光 Twitter @charlesmok charlesmok@charlesmok.hk www.charlesmok.hk