Southeast Asia Information Port (www.dnyxxg.com) – The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks jointly hosted the “Data Summit 2025” on the 28th to explore how data infrastructure can optimize trade finance processes and facilitate SME lending to promote business development.
At the summit, representatives from the HKMA shared the latest developments in the “Business Data Connect” data infrastructure, including the participation of six banks in a new round of pilot programs for the Hong Kong SAR Government’s Transport and Logistics Bureau’s Port Community System. This initial verification demonstrates the effectiveness of using freight logistics data to verify the authenticity of trade, helping to shorten trade finance processes and improve risk management. The parties will test more innovative application scenarios.
Bank of China (Hong Kong) introduced that, through cooperation with Nongbenfang Limited and Jiaduocan Japanese Foods Co., Ltd., it has verified the application of freight logistics and import/export customs declaration data in trade operations under different scenarios, such as the import of Chinese medicinal materials and food.
Hong Kong's Secretary for Transport and Logistics, Ms. Chan Mei-po, stated that Hong Kong is fully committed to building a port community system that connects all stakeholders throughout the cargo transport process, while also integrating sea, land, and air cargo transport information to achieve comprehensive transparency in cargo status.
The Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, stated that the Authority will continue to leverage the next-generation data infrastructure, "Business Data Connect," to simplify trade finance processes, inject momentum into business development, stimulate innovation, benefit more SMEs, and promote the development of the real economy. (End)
