Hong Kong Monetary Authority signs cooperation memorandum to deepen cooperation in digital empowerment of freight trade and finance between Shanghai and Hong Kong.

On March 2nd, the Hong Kong Monetary Authority (HKMA), Shanghai Data Bureau, and the National Blockchain Technology Innovation Center (National Innovation Center) announced that they had jointly signed a "Shanghai-Hong Kong Freight Trade and Financial Digital Cooperation Memorandum" ("Memorandum of Cooperation") to further promote in-depth cooperation between Shanghai and Hong Kong in the digital empowerment of freight trade and finance and other fields, leveraging Hong Kong's unique advantages as a "super connector" and "super value-added person" to facilitate internal and external connectivity and support Shanghai in connecting with the international data ecosystem through Hong Kong. According to the Memorandum of Cooperation, the HKMA, Shanghai Data Bureau, and National Innovation Center will jointly research innovative cooperation in digital technology and applications, promote the application innovation of digital technology in the fields of freight trade, finance, etc. The parties will explore the construction of a "cross-border platform" using digital technology, carry out cross-border financial cooperation in the Ensemble project, study how to use electronic bills of lading, and promote integration with commercial data transmission and CargoX to promote trade finance between the two regions through freight and trade data. Mr. Edmond Lau, Deputy Chief Executive of the HKMA, said, "We are pleased to sign the Memorandum of Cooperation with the Shanghai Data Bureau and the National Innovation Center. This marks an important milestone in financial innovation cooperation between the two regions and the common goal of deepening cooperation between Shanghai and Hong Kong in the digital empowerment of freight trade and finance. Through our joint efforts, we look forward to promoting the application innovation of digital technology in the fields of freight trade, finance, etc., promoting the joint innovation achievements of digital technology, exploring digital infrastructure construction in Shanghai and Hong Kong, promoting the digitization of trade finance, and facilitating the connection of mainland freight and trade data with the international data ecosystem through Hong Kong." Dr. Shao Jun, Director of the Shanghai Data Bureau, said, "The signing of the Memorandum of Cooperation with the HKMA and National Innovation Center is an important step for deepening cooperation in the data field between Shanghai and Hong Kong. We always adhere to the data-driven approach, with innovation leading the way, and are committed to building a secure, efficient, and open digital infrastructure. This cooperation will fully leverage Shanghai's advantages in data resource integration and application scenario expansion to work with Hong Kong to promote the innovative practice of digital empowerment in shipping trade and finance. Through close cooperation, we look forward to jointly creating a batch of demonstration joint innovation achievements, injecting new energy into digital cooperation between Shanghai and Hong Kong."