The Hong Kong Monetary Authority signed a memorandum of understanding with the PAA Digital Trade Alliance to advance trade finance digitalisation through joint projects connecting Hong Kong’s cargo and trade data infrastructure with PAA member economies, including ASEAN markets. The agreement expands the regional focus of the Cargo x Pilot Programme, which was launched with 21 banks to test how commercial data can improve trade finance and financing access for small and medium-sized enterprises. The authority also reported that Cargo x Connect, a link between the Commercial Data Interchange and a Shanghai Data Bureau digital trade platform, has enabled five pilot banks to use trade declaration data from the Yangtze River Delta for trade verification and counterparty due diligence. The pilot has supported approval of 10 trade finance loans totaling HKD 180 million and accelerated loan drawdowns for Hong Kong businesses engaged in onshore and offshore trade. The authority plans to extend the model to other Chinese Mainland provinces and cities while strengthening connectivity with ASEAN and other major trade corridors.
Hong Kong Monetary Authority signs regional trade data pact as Cargo x pilot supports HKD 180 million in loans
The Hong Kong Monetary Authority signed an agreement with the PAA Digital Trade Alliance to develop cross-border cargo and trade data connections supporting digital trade finance. A related link with the Shanghai Data Bureau has enabled five banks to use Yangtze River Delta trade declaration data and supported 10 loans totaling HKD 180 million, with expansion to other Chinese Mainland regions planned.