The Hong Kong Monetary Authority (HKMA), the Shanghai Data Bureau (SDB), and the National Technology Innovation Center for Blockchain (NTICBC) announced that they have signed a MoU on digitised cargo trade and finance cooperation.

The agreement aims to strengthen collaboration between Shanghai and Hong Kong in digital trade and finance, leveraging Hong Kong’s role as a conduit between the Chinese Mainland and international markets.

Under the MoU, the three parties will jointly research digital technologies and their applications, and promote innovation in cargo trade and finance.

They will examine the use of digital technology to develop a cross-border platform.

This platform will support cross-border financial cooperation and the use of electronic bills of lading (eBL) through Project Ensemble, while also exploring the use of cargo and trade data in trade finance via connections with the Commercial Data Interchange (CDI) and Cargox.

Howard Lee, Deputy Chief Executive of the HKMA, said:

“We look forward to driving innovative application of digital technology in areas such as cargo trade and finance, promoting joint achievements in digital innovation, exploring a digital infrastructure that links Shanghai and Hong Kong, promoting digitalisation of trade finance, as well as facilitating the integration of cargo and trade data in the Chinese Mainland with the international data ecosystem through Hong Kong.”

Dr Shao Jun, Director of the SDB, added:

“We remain committed to data-powered and innovation-driven development, striving to establish a secure, efficient, and open digital infrastructure. This collaboration will fully leverage Shanghai’s strengths in data integration and commercialisation, working in tandem with Hong Kong to realise innovative applications in digitised cargo trade and finance.”

Featured image credit: HKMA