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Link DetailsFintech week starts The Monetary Authority is exploring a new data strategy and considering building the Commercial Data Interchange (CDI), a new financial infrastructure to enable more efficient financial intermediation in the banking system and enhance financial inclusion in Hong Kong.
The authority?s Chief Executive Eddie Yue made the announcement when he delivered an opening keynote speech at the virtual Hong Kong Fintech Week 2020 today.
He said the CDI is a consent-based financial infrastructure that would enable more secure and efficient data flow between banks and sources of commercial data.
It has the potential of solving long-standing pain points in small and medium-sized enterprises (SMEs) financing by allowing SMEs to use their own data to enhance their access to financial services.
To develop the related technology for alternative credit scoring, the authority has separately commissioned the Hong Kong Applied Science & Technology Research Institute to study the use of artificial intelligence in SME loan applications and published a white paper titled Alternative Credit Scoring of Micro-, Small & Medium-sized Enterprises today to deliver the findings.
He also announced that the Proof-of-Concept (PoC) Phase one conducted to explore connecting the operators of eTradeConnect and the People?s Bank of China Trade Finance Platform was completed successfully.
A pilot run was initiated in October for banks in both places to execute cross-border trade finance transactions.
Seven banks have already successfully used the connection to conduct trade financing transactions, with the total trade value exceeding $26 million.
Separately, to explore innovative solutions to address challenges in trade finance, the authority and the Bank for International Settlements Innovation Hub co-organised the TechChallenge in August.
The competition received a total of 103 solutions and the result was announced today.
Meanwhile, project Inthanon-LionRock, which is the joint study on the application of Central Bank Digital Currency to cross-border payments conducted by the authority and the Bank of Thailand has entered the second phase.
Hong Kong Exchanges & Clearing, 19 participating banks and five other corporates will participate in the project.
Recognising the growing importance of Regtech and the benefits it can offer to financial institutions, the authority has also developed a two-year roadmap to further promote Regtech adoption in the Hong Kong banking sector.
The roadmap, as laid out in the Transforming Risk Management & Compliance: Harnessing the Power of Regtech white paper published today, includes a series of promotional activities to be rolled out over the next two years, aimed at fostering a more diverse and interactive Regtech ecosystem in Hong Kong.
Hong Kong Fintech Week 2020 is co-organised by the Monetary Authority with InvestHK.
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