A group of leading companies including Mastercard, SoftBank and IBM have called on the G7 to create a new body to help co-ordinate how member states tackle issues ranging from artificial intelligence to cyber security.

The Data and Technology Forum, which would be modelled on the Financial Stability Board that was created after the 2008 financial crisis, would provide recommendations on how tech governance can be co-ordinated internationally, rather than proposing firm regulations.

“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,” said Michael Froman, vice-chair and president of strategic growth for Mastercard. “There is a window of opportunity — right now — to strengthen collaboration.”