The Hong Kong Monetary Authority (HKMA) has published the “Project Cargox Recommendation Report”, setting out 20 recommendations and a development roadmap to modernise Hong Kong’s trade finance landscape. The report is positioned as a blueprint for building a data-driven, digitally enabled trade finance ecosystem and outlines how the recommendations will be taken forward. The recommendations were developed by an Expert Panel on Cargox comprising 24 industry experts from banks, cargo data providers, credit reference agencies, export credit insurers, government agencies and international organisations, which concluded its work in December 2025. The 20 recommendations are structured under three pillars: Data, which focuses on accelerating data-enabled trade finance automation by integrating government cargo and trade data and enabling access to historical trade transaction data to support banks’ credit assessment and expand trade finance availability, particularly for small and medium-sized enterprises; Infrastructure, which targets development of digital trade infrastructure to enable paperless trade in Hong Kong and with overseas partners; and Connectivity, which prioritises strengthening links with other jurisdictions including Chinese Mainland and ASEAN and implementing relevant policies to support competitiveness. Implementation is expected to proceed through collaboration with relevant public and private organisations via a series of pilot trials under the HKMA’s roadmap, building on the Commercial Data Interchange infrastructure that underpins the multi-year Project Cargox initiative launched in April 2025.

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