The linkage between the Hong Kong Monetary Authority’s (HKMA) Commercial Data Interchange (CDI) and the Hong Kong Government’s Consented Data Exchange Gateway (CDEG) is now fully operational.
This follows a successful trial run by pilot banks, with the CDI-CDEG linkage, also known as “CR@CDI,” having been established in late December 2023.
The linkage is now open to all CDI participating banks, with promising growth in utilisation rates.
Launched by the HKMA, CDI is a consent-based financial data infrastructure designed to enhance data sharing by enabling financial institutions to retrieve enterprises’ commercial data, particularly from SMEs, from both public and private data providers.
Through this connection, the Companies Registry (CR) becomes the first government data source available via CDI.
Banks can now directly access company information, such as names, registered addresses, and share capital structures, facilitating processes like account opening, fraud detection, and Know Your Customer (KYC) procedures.
This initiative aims to support the digitalisation of Hong Kong’s financial services industry and enhance the broader digital economy.
The HKMA and the Digital Policy Office (DPO) are exploring the inclusion of more business operation data in the future to provide banks with comprehensive company records.
Since its launch, CDI has processed over 27,000 loan applications, with credit approvals exceeding HK$23.8 billion by the end of June 2024.
The HKMA also plans to expand the use of CDI to the personal level, further supporting the government’s digital initiatives.
Howard Lee, Deputy Chief Executive of the HKMA, said,
“Leveraging the established connection between the two platforms, the HKMA will invite more government bureaux and departments to share consented data with banks.
These concerted efforts will greatly benefit SMEs across various sectors and contribute to the advancement of Hong Kong’s digital economy.”
Tony Wong, Commissioner for Digital Policy, said,
“With a view to promoting data-driven, people-centric and outcome-based digital policies within the government and across sectors, the DPO will facilitate more opening up and sharing of data, and innovate government services with the aid of digital technologies and data.
The DPO and the HKMA will continue to actively liaise with government bureaux and departments to prepare for more related data sharing with the industry, supporting the development of more convenient government services for bringing benefits to citizens and businesses.”
Featured image credit: Edited from Freepik
