In the twenty-first century, data have emerged as a critical asset for businesses, especially MNCs, as it gives them an edge in the market and provides them with a competitive advantage, innovation, and decision-making. This paper analyzes and explores the role of data as an intangible asset for corporations. Data have the transformative power to revolutionize the business models of MNCs and their operations. This paper also discusses the challenges with the MNCs that they face in data mining and refining, like system interoperability and data fluency; it proposes a solution for all these challenges, like clarifying the accountability of the data and embedding the data fluency across enterprises. This paper also examines the integration of data governance within corporate governance, highlighting the benefits that it poses to MNCs. With the implementation of the Digital Personal Data Protection Act 2023 (DPDPA) in India now, the MNCs must adopt their corporate governance frameworks, ensuring compliance with the DPDPA and fostering a privacy-centric culture within the corporation. This chapter also addressed the need for compliance measures to be taken by corporations after the DPDPA gets implemented what could be the potential challenges for them and how the board can prepare itself for all these challenges have also been suggested. The chapter concludes by stressing the need for continuous monitoring and taking proactive measures to build a robust data protection and privacy framework within the organization, ensuring that MNCs contribute to the long-term success of the digital economy.