Hong Kong Monetary Authority advances regional trade data connectivity through Cargo x
金管局举办Cargo x 方案日 推动区域贸易数据互联
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The Hong Kong Monetary Authority signed a memorandum of understanding with the PAA Digital Trade Alliance on Cargo x programme day to advance connectivity of freight logistics and trade data between Hong Kong and PAA member economies, promoting the digitalization of trade finance. “货贸通,” a collaboration between the Hong Kong Monetary Authority and the Shanghai Municipal Data Bureau, has enabled the first five pilot banks to access trade customs declaration data from the Yangtze River Delta, leading to the approval of 10 trade finance transactions with loans totaling HK$180 million.
Cargo x demonstrates how trade data connectivity can be embedded into the trade finance process, while the number of pilot approvals and loan amount show its progress at this stage.
Source:HKMA — Press releases (简体中文) · hkma.gov.hk