The Hong Kong Monetary Authority and Shanghai authorities have agreed to study a blockchain-based cross-border platform linking cargo trade data, electronic bills of lading and financial applications under Project Ensemble.
The Hong Kong Monetary Authority, the Shanghai Data Bureau and the National Technology Innovation Center for Blockchain signed a memorandum of understanding to deepen cooperation on digitising cargo trade and finance.
“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,”
Said Hong Kong Monetary Authority deputy chief executive, Howard Lee.
The joint research will explore the benefits of developing a blockchain platform using the HKMA’s Commercial Data Interchange infrastructure, launched in 2022 to streamline institutional access to corporate data for lending.
The collaboration will also draw on Project CargoX, an HKMA initiative built on the CDI, to strengthen trade data capabilities and support financing and related services between the two cities.
Shanghai Data Bureau director Shao Jun said the partnership marked a significant step towards building a “secure, efficient, and open digital infrastructure” aligned with data-driven development goals.
Separately, Hong Kong’s Secretary for Financial Services and the Treasury Hui Ching-yu proposed expanding tax concessions to include digital assets held by investment funds and family offices, potentially granting exemptions on profits from qualifying overseas digital asset investments subject to legislative approval.