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The following is issued on behalf of the Hong Kong Monetary Authority
The Hong Kong Monetary Authority HKMA the Shanghai Data Bureau SDB and the National Technology Innovation Center for Blockchain NTICBC announced today March 2 that they have jointly signed the Memorandum of Understanding between Shanghai and Hong Kong on Digitised Cargo Trade and Finance Cooperation the MOU This aims to deepen the collaboration between Shanghai and Hong Kong in areas of digitised cargo trade and finance The collaboration leverages the unique advantages of Hong Kong as a super connector and super valueadder with its connections to both the Chinese Mainland and the world to support Shanghais integration with the international data ecosystem through Hong Kong
Under the MOU the HKMA the SDB and the NTICBC will jointly conduct research on digital technology and its applications and promote the innovative application of the technology in areas such as cargo trade and finance The parties will work together to examine the use of digital technology to develop a crossborder platform Through this platform crossborder financial cooperation and the use of electronic bills of lading eBL will be explored under Project Ensemble while the facilitation of trade finance through cargo and trade data will be studied via connection with the Commercial Data Interchange CDI and CargoX
Deputy Chief Executive of the HKMA Mr Howard Lee said We are pleased to sign the MOU with the SDB and the NTICBC This marks an important milestone in the collaboration on financial innovation between Shanghai and Hong Kong and underscores the joint commitment to strengthen the collaboration between the two jurisdictions in areas of digitised cargo trade and finance We look forward to driving innovative application of digital technology in areas such as cargo trade and finance promoting joint achievements in digital innovation exploring a digital infrastructure that links Shanghai and Hong Kong promoting digitalisation of trade finance as well as facilitating the integration of cargo and trade data in the Chinese Mainland with the international data ecosystem through Hong Kong
The Director of SDB Dr Shao Jun said The joint signing of the MOU with the HKMA and the NTICBC marks a significant step towards deepening cooperation between Shanghai and Hong Kong on data We remain committed to datapowered and innovationdriven development striving to establish a secure efficient and open digital infrastructure This collaboration will fully leverage Shanghais strengths in data integration and commercialisation working in tandem with Hong Kong to realise innovative applications in digitised cargo trade and finance We also look forward to showcasing a range of innovation outcomes through close cooperation thereby injecting new momentum into ShanghaiHong Kong digital collaboration
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