Hong Kong, Shanghai sign pact on digital trade finance, cross-border data link
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Hong Kong and Shanghai have signed a memorandum of understanding to enhance collaboration in digital trade finance and data connectivity. The agreement, signed by the Hong Kong Monetary Authority (HKMA), the Shanghai Data Bureau, and the National Technology Innovation Centre for Blockchain, aims to promote digitized cargo trade finance. The collaboration seeks to integrate mainland China's cargo and trade data with the global data ecosystem through Hong Kong. The initiative will explore the use of electronic bills of lading and leverage the HKMA's Commercial Data Interchange (CDI) and CargoX to facilitate trade and improve access to financing for exporters. This agreement strengthens Hong Kong's role as an international trading hub and promotes financial innovation between the two regions.
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