Hong Kong Trade Pilot Enables 10 Loans Worth HK$180 Million

The Hong Kong Monetary Authority is moving its trade-finance data pilot toward regional connectivity involving mainland China and ASEAN economies, after five banks gained access to Yangtze River Delta trade-declaration data and the pilot enabled approval of 10 loans totaling HK$180 million.

The Cargo^x Pilot Programme linked the HKMA’s Commercial Data Interchange with a digital-trade platform linked to the Shanghai Data Bureau. The connection gives Bank of China (Hong Kong), Hang Seng Bank, HSBC, ICBC (Asia) and Standard Chartered Bank (Hong Kong) access to Yangtze River Delta trade-declaration data.

The HKMA plans to extend the model to other provinces and cities in mainland China. Cargo^x launched in May with 21 participating banks and is designed to use cargo and trade data to streamline trade-finance processes and improve small and medium-sized enterprises’ access to financing.

The authority also signed a memorandum of understanding with the PAA Digital Trade Alliance at Cargo^x Solution Day in Hong Kong on Oct. 5. The agreement covers joint projects to improve cargo and trade-data connectivity between Hong Kong and PAA member economies.

The PAA includes trade-single-window operators and e-commerce service providers from 15 economies, including ASEAN member states. More than 300 participants from banks, data providers, government agencies and Commercial Data Interchange partners attended the event.

The Commercial Data Interchange connects 17 data sources with 28 banks. Data is shared only after participating small and medium-sized enterprises provide explicit consent, and the infrastructure does not store commercial data.

HKMA Deputy Chief Executive Howard Lee said Cargo^x will continue expanding from local to regional levels to build a more efficient and inclusive digital trade ecosystem across borders.

The pilot is part of a broader effort to connect Hong Kong’s financial institutions with trade-data partners across mainland China and Southeast Asia-linked markets.