“This marks an important milestone in the collaboration on financial innovation between Shanghai and Hong Kong, and underscores the joint commitment to strengthen collaboration between the two jurisdictions in digitised cargo trade and finance,” HKMA deputy chief executive Howard Lee Tat-chi said.
The MOU, according to Lee, would help the three signatories explore and promote digitised trade finance, as well as facilitate the integration of mainland China’s cargo and trade data with the international data ecosystem via Hong Kong.
Under the agreement, Hong Kong and Shanghai will explore using electronic bills of lading instead of traditional paper documents, while the electronic trade data will be studied via the HKMA’s Commercial Data Interchange (CDI) and CargoX.
