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Introducing the Newly Formed National Data Asset Agency

Introducing the Newly Formed National Data Asset Agency

Hungary
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The Hungarian Government, in order to join the world in data asset management and to set data economy in action in Hungary, has established the National Data Asset Agency, which commenced its activities on 1 October 2020.

The Hungarian Government adopted its Artificial Intelligence Strategy in September 2020, which includes the objective to launch Hungary’s data economy. According to Prof. Dr. László Palkovics Minister for Innovation and Technology, changes related to Artificial intelligence (AI) are inevitable in the 21st century. Nevertheless, the extent to which a country or community can exploit the AI related benefits merely depend on “forward-looking and comprehensive planning, ambitious goals and their methodical implementation”. As a consequence, the Hungarian Government plans to prepare the economy and the society for these changes by reaching the objectives set out in the Artificial Intelligence Strategy, which includes the creation of the National Data Asset Agency.

The tasks of the National Data Asset Agency cover on one hand the opening and utilisation of public data assets within an organised framework. This task is justified by the fact that different authorities already collect a great amount of data (to perform their tasks) which could be used for other purposes as well. On the other hand, the National Data Asset Agency will support public bodies in the possession of data assets, in keeping records of data inventories, in making them available for secondary use and in developing their business models.

The National Data Asset Agency will operate as part of Neumann Nonprofit Ltd., whose clients are primarily administrative organisations. The work of the National Data Asset Agency will also help businesses to develop high value-added products, such as applications, and the citizens as well, who will be able to draw benefits from the data by making their lives and work easier.

Data should not only be considered as information that needs be protected, but also as a negotiable asset. This however, requires the creation of a new concept on data assets, which system will be developed by the National Data Assets Agency. As a result, platforms that enable transparent, clean and fair trade of private data assets will be created soon.

By Rita Parkanyi, Partner, KCG Partners Law Firm

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

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The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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