A report released by BRICS countries shows that innovation and dynamic competition have been increasingly present in digital markets. Daryl Guppy, the CEO of Guppytraders, is positive about digital cooperation among BRICS countries, which could bring them much closer.

Authorities seek to guarantee that innovation channels are open via dialogues. How competition should be ruled, including anticompetitive behavior investigations and merger control, should be one of the focuses.

Guppy believes that digital cooperation will enable trade. "If we take (digital) connectivity and apply that in our trade relationship to cross border transactions and protocols, then it brings countries closer together," he stressed.

Guppy suggests exchange of information on global digital basis will be the way for BRICS countries to collaborate effectively. “It's the way that they move forward, and this gives them the opportunity to leapfrog that development phase," he said.

The report also notes that digital business characteristics may lead to natural barriers to entry, such as network effects, market tipping and data requirements, calling for authorities to cautiously address big data and personal data in the digital economy.

Guppy argued that those "who own data" is a key focus when talking about privacy concerns. "There's a key difference between those who are collecting personal data without authority and then reselling that, and those who are collecting personal data with authority."

The CEO appreciates China's effort in making a global rule happen, saying that it's time to "bring in other people," particularly BRICS countries and Belt and Road countries, and discuss the standard for treatment of data together.

"There are certainly moves in that direction at this point, and that means a global body, not a body dominated by the United States, not a body dominated by China… We need a common agreement on platforms, on standards, on processes," Guppy told CGTN.

Guppy highlights the key factor for a global standard is "whether we have a stable, reliable, dependable system of international organizations and an agreement around that."

He uses digital payment as an example to further explain: "China is a world leader in digital payments in terms of Alipay and WeChat pay. Other countries are slowly catching up, but this is an opportunity for BRICS countries to say 'this is the system that is working effectively. We can adopt that with common standards so that we can facilitate cross border transactions, international trade and harmonization of regulations.'"