Globalizing the Trade in Data

Fan Guo is an Architect of the Cross-Border Digital Economy.

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A QUIET TRANSFORMATION IS sweeping through the global economy. While the news is filled with noise and bluster about tariffs and trade wars, stalled shipments and slowing growth, one area of commerce is thriving—the global trade in data. If data is the new gold, then we are witnessing a gold rush. In the first quarter of 2025, cross-border trade in data surged by 37% year on year. Going forward, even greater gains are expected. However, there is a catch. Just as gold was often discovered in lawless frontiers, data is being mined and traded in environments where rules are weak or largely absent. The potential risks are enormous. But can anyone fill the gap in governance?

“The first chapter of the digital economy was a competition for technology and traffic.

The next will be about systems and order,” says Fan Guo, a Singapore-based venture capitalist and digital and financial innovator.