Data Summit 2025 (with photos)
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The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) successfully co-organised the Data Summit 2025 today (July 28). The Summit attracted around 800 senior executives and industry professionals from almost 100 public and private organisations, including government departments, banks, data specialists and partners of Commercial Data Interchange (CDI).
Themed "Empowering business and trade through advanced data infrastructure", the Summit explored how data infrastructure can enhance trade finance processes and facilitate small and medium-sized enterprise (SME) lending, thereby fuelling trade and commerce growth. The keynote addresses and panel discussions of the Summit focused on four key areas, including Project CargoX on trade finance, open government data, SME credit insights and cross-boundary data validation. 15 CDI partner institutions also showcased cutting-edge commercial data innovations and use cases through interactive exhibition booths, fostering industry collaboration and experience sharing.
At the Summit, the HKMA presented the latest developments and future roadmap of CDI, with key highlights including:
1. Project CargoX
- The Expert Panel has welcomed new members (see Annex) to further enhance the digital ecosystem for trade finance; and
- Six CargoX pilot banks (Note 1), participating in the Transport and Logistics Bureau's new trial phase of the Port Community System, have preliminarily validated the effectiveness of using cargo data to verify trade authenticity. This, in turn, helps streamline trade finance process and strengthen risk management. More innovative use cases are underway.
2. Open government data
- The HKMA, the Government's Digital Policy Office (DPO) and the Commerce and Economic Development Bureau (CEDB) are collaborating closely on the planned connection with the CEDB's Trade Single Window Phase 3, which is targeted for roll-out in phases in 2026, via the linkage between CDI and Consented Data Exchange Gateway. This will enable users to authorise the sharing of their import and export declaration data with participating banks, with a view to expediting loan approvals; and
- The DPO's Digital Corporate Identity (CorpID) Platform is set to launch progressively from end-2026. The HKMA will explore and design the application of CorpID for electronic signing in CDI, with the aim of streamlining the corporate authorisation process.
3. Credit insights
- The HKMA is advancing a proof-of-concept (PoC) project on Commercial Credit Reference Agency (CCRA) 2.0, enabling the CCRA operator to build a corporate credit scoring model. Initial findings from the nine pilot banks (Note 2) indicate that the new model can effectively streamline the loan application process and reduce borrowing costs for SMEs.
4. Cross-boundary data validation
- CDI successfully linked with the Shenzhen-Hong Kong cross-boundary data validation platform (the platform) (Note 3) in April this year. Banks have successfully connected to the new arrangement for the purposes of processing personal and corporate loan applications.
The Chief Executive of the HKMA, Mr Eddie Yue, said, "The HKMA remains dedicated to advancing Hong Kong's data infrastructure in partnership with heavyweight strategic stakeholders in the data ecosystem. By continuously fostering data interconnectivity and unlocking the potential of both traditional and alternative data, we empower financial institutions, data providers and SME traders to benefit from streamlined and efficient processes brought by data sharing. Looking ahead, our next-generation CDI data infrastructure will continue to optimise trade finance processes, spur trade and commerce innovation, as well as support SME growth, ultimately contributing to the development of the real economy."
The Secretary for Transport and Logistics, Ms Mable Chan, said, "The theme of this year's Data Summit aptly aligns with the country's strategic positioning of Hong Kong to consolidate its role as the three key centres of finance, trade, and shipping, using data as a key connector. The Transport and Logistics Bureau is developing the Port Community System in full steam to connect all stakeholders across the cargo shipment process and integrate sea, land, and air transport data to materialise full transparency of cargo status. We will continue to support the industry in leveraging the system to explore more use cases for financing, further facilitating cargo, trade and capital flows."
The Chairman of the Airport Authority Hong Kong, Mr Fred Lam, said, "Hong Kong International Airport (HKIA) is the world's number one cargo airport, a position we have held 14th times since 2010. To further enhance our competitiveness, we must continue to leverage the power of technology, and digitalisation of the air cargo supply chain is one of the key steps to achieve greater efficiency and enable value-added services. The Airport Authority's HKIA Cargo Data Platform, anchored on advanced technologies such as blockchain and smart contract, provides a trusted, intelligent platform that facilitates secured, seamless and paperless information exchange, efficient cargo process and innovative business solutions. Leveraging our platform's cargo data and in collaboration with the HKMA's CDI, we are able to facilitate SMEs' financing process and enhance credit risk management. We welcome continuous development in this area and anticipate further opportunities for collaboration with the HKMA and other business partners to develop Hong Kong into the region's leading e-commence fulfillment centre."
The Chairperson of the HKAB, Ms Mary Huen, said, "As Hong Kong undergoes economic restructuring, the banking industry is committed to providing SMEs with flexible and convenient financing to support their upgrading and transformation so as to remain competitive. The HKAB encourages its member banks to actively participate in the latest CDI-related initiatives led by the HKMA, including the PoC studies of Project CargoX and CCRA 2.0 as well as cross-boundary data validation pilot. The initiatives will streamline loan approval processes and improve credit risk management by leveraging government and industry data. We look forward to collaborating further with the HKMA and the relevant government departments to enhance the digital ecosystem of trade finance, with the objective of jointly strengthening our support to SMEs and promoting Hong Kong's economic development."
Note 1: The six CargoX pilot banks are: Bank of China (Hong Kong) Limited, Bank of East Asia, Limited, Hang Seng Bank Limited, The Hongkong and Shanghai Banking Corporation Limited, Shanghai Commercial Bank Limited and Standard Chartered Bank (Hong Kong) Limited.
Note 2: The nine pilot banks participating in the PoC on CCRA 2.0 are: Bank of China (Hong Kong) Limited, Bank of East Asia, Limited, China Construction Bank (Asia) Corporation Limited, DBS Bank (Hong Kong) Limited, Hang Seng Bank Limited, The Hongkong and Shanghai Banking Corporation Limited, OCBC Bank (Hong Kong) Limited, Shanghai Commercial Bank Limited and Standard Chartered Bank (Hong Kong) Limited.
Note3: The platform utilises blockchain technology and data coding (i.e. hash values), enabling document verification without involving any cross-boundary transfer or storage of the original documents. Its unique design provides banks with an innovative way to validate the data presented directly by customers. Since the platform was launched in May 2024, over 10 banks and credit reference agencies have already made use of its varied services to validate different types of personal and corporate data, including credit reports, tax reports, and Know-Your-Customer reports. To date, the platform has successfully facilitated SME loans in excess of HKD100 million.
Ends/Monday, July 28, 2025
Issued at HKT 16:40
Issued at HKT 16:40
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