In May 2023, the Official Monetary and Financial Institutions Forum (OMFIF) released a report titled “Central Banks in the Digital Age: Bringing Data into Focus” (hereinafter referred to as the “Report”). The Report notes that technological advancements are changing the way central banks collect and process data. Affected by the 2008 financial crisis and the COVID-19 pandemic, global central banks have seen a growing number of cases of using big data in their economic forecasts, financial crime monitoring, assessment of financial stability and reserves monitoring. However, a new problem began to emerge: data governance. To tackle this problem, many central banks have begun en masse to develop data governance frameworks. Beyond simply cataloguing, they are using virtualisation, data lakes and data warehouses to store and process their data. The Report examines the risks and trade-offs associated with big data, the use of unconventional data sources and emerging data governance strategies. It also explores the degree to which central banks are open to using cloud services, the advantages public cloud offers, as well as central banks’ concerns about the difficulty of ensuring data sovereignty, and discusses the strategies central banks are employing to address this challenge. The Beijing Frontier Institute of Regulation and Supervision Technology (FIRST) provides excerpts from the main content of the Report for reference.

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