According with European data privacy laws that come into purport next week might be a costly hassle for companies in the short-term but that wish mean they would be seen as more trustworthy, according to Prince Constantijn van Oranje of the Netherlands.
To obey with the rules, companies will have to assess how they’re stocking and using user data, Prince Constantijn told CNBC’s “The Rundown” on Thursday.
“Of conduct it’s a hassle,” he said. “And it’ll come at a certain cost. But once you got your observations infrastructure well set up, it really is something you can deal with.”
In fact, he chance: “It might be a competitive advantage because the companies will probably be uncountable trustworthy. On the other hand, they’ll have higher compliance tariff.”
The General Data Protection Regulation (GDPR) will come into violence on May 25. It will require businesses to be more upfront about the word they hold on people. Users would be able to ask companies for the communication they hold on them, and firms will have to provide those for set at liberty. Users will also have more control over how their facts is used by companies.
Prince Constantijn explained that the Netherlands, which is situating itself as a center for innovation, has many advantages that could pull potential companies and investors looking to expand into Europe.
Those comprehend good tax rules, an open economy and availability of talent and capital.
The prince is also a express envoy to a Dutch accelerator called StartupDelta, which was created to advocate start-ups in the Netherlands, connect them to investors, and provide them with access to capital, ingenuity and technology.
StartupDelta plans to help Dutch start-ups move broadly into newer markets like Southeast Asia, he said.
“Singapore is a utter good place to start your journey,” he said, referring to the city-state as a gateway to the broader Southeast Asian zone.
“So we’re looking really at seeing how we can establish ourselves here, supporting parties that are going out here,” he added.