Hong Kong Monetary Authority, Shanghai Municipal Data Bureau, and National Blockchain Technology Innovation Center Sign Cooperation Memorandum

Foresight News reports that the Hong Kong Monetary Authority, the Shanghai Municipal Data Bureau, and the National Blockchain Technology Innovation Center jointly signed the “Memorandum of Cooperation on Digitalization of Cargo Trade and Finance between Shanghai and Hong Kong” today to further promote in-depth cooperation between Shanghai and Hong Kong in digital empowerment of cargo trade and finance. They aim to leverage Hong Kong’s unique advantages as a “super connector” and “super value creator” to facilitate internal and external connectivity, supporting Shanghai in connecting with the international data ecosystem through Hong Kong. According to the Memorandum, the HKMA, Shanghai Municipal Data Bureau, and the National Blockchain Innovation Center will jointly explore innovative cooperation in digital technology and applications, promoting digital technology application innovations in cargo trade, finance, and other fields. The parties will work together to explore the use of digital technology to build “cross-border platforms,” conduct cross-border financial cooperation within the Ensemble project, study the application of electronic bills of lading, and promote integration with Business Data Tong and CargoX to drive trade financing between the two regions using cargo and trade data.