Mastercard, SoftBank And Leading Companies Seek G7 To Create Global Tech Body: FT

A group of companies, including Mastercard Inc MA, SoftBank Group Corp SFTBY SFTBF, and International Business Machines Corp IBM, sought the G7’s assistance to create a new body to assist member states in tackling tech issues ranging from cross-border data transfers, artificial intelligence regulation to cybersecurity, the Financial Times reports.

• The 25 companies included payment providers Visa Inc V and Nexi SpA NEXPF NEXXY, carmakers Toyota Motor Corp TM, and Mercedes and healthcare company GlaxoSmithKline PLC GSK.
• “We believe a similar forum to the FSB is urgently needed to prevent fragmentation and strengthen international co-operation and consensus on digital governance issues. There is a window of opportunity right now to strengthen collaboration,” said the president of strategic growth for Mastercard, Michael Froman.
• The initiative was focused on promoting trust in new technologies while avoiding deviating industry standards following the intensification of the global internet rules.
• The Data and Technology Forum would provide recommendations on the global coordination of tech governance.
• Data flows have posed an increasing challenge for G7 countries lately. Last year, the European Court of Justice struck down Privacy Shield that allowed U.S. companies to receive E.U. data. Questions remained around approaches to technology ethics despite government collaborations in areas ranging from autonomous weapon systems to algorithmic bias.
• Price action: SFTBY shares closed higher by 0.77% at $45.55 on Monday.